NAR: Home prices are firming

Real Estate News Blog Headline

First-time buyer tax credit extends to existing home owners

Later today the President should sign the law extending the $8,000 First-time buyer tax credit. The Credit will change a little, details to follow.

Here are the highlights:

1. The NEW credit is NOT retroactive

2. Raises the income limits to $225,000 for married filing joint

3. Extends credit to April 30, 2010 to contract and must settle by June 30, 2010

4. Opens the credit to buyers who already own a home ( max credit $6,500)

Posted: November 5, 2009

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