TAX CREDIT TO BE EXTENDED COMES WITH AN INTERESTING TWIST

I'm so happy to write about the new bill that has passed for the First Time Homebuyer tax credit privilege to be extended to APRIL 30, 2010! And the interesting twist is that, current homeowners can receive up to a $6,500 tax credit! The catch is that the property must be the owner's primary residence, with a minimum occupancy of 5 years, which really isn't too much to ask for, is it?

Pending contracts have a closing deadline of July 1, 2010, for buyers to take advantage of the tax break.

According to www.Realtor.org, the response to the current tax credit law, has generated a lot of money back into the real estate industry and the economy as a whole. Projections are high as $22 Billion. It's also predicted that 2 million people will take advantage of this real estate incentive. It would make sense to extend such a great offer, to get even more people from off the fence about buying now, in these recession times.

Nice incentive, indeed.