The Commerce Department said Wednesday that new home sales fell 3.6% in September, and some industry representatives blamed uncertainty about the tax credit.
Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.
The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
By Stephen Ohlemacher, Associated Press Writer
let's hope that the House of Representatives follows suit quickly. This is a wonderful opportunity, especially while congresspeople have gay people in their headlights all year, to reach out to your congressman or congresswoman and let them know how important this tax credit is. With gay marriage a possibility for more and more couples, the purchase of a home and the benefits that accrue to a married couple are all the more available. The tax credit would be an additional boon to a buyer, of course. It's a wonderful benefit and it will continue to help our housing market attempt to rebound (or at least show some signs of life).
The Senate's having taken this action is a definite benefit to everyone.
Posted by: george | November 01, 2009 at 01:06 PM