Senate Agrees to Extend Homebuyer Tax Credit

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With the end of the first-time homebuyer tax credit looming (November 30th is the last day for the current bill), the Senate has agreed to a extend the credit through April 2010. They also have added a new credit, although a smaller amount of $6,500, for repeat home buyers who have lived in their current homes for more than 5 years. Homes in both situations must close by the end of June.

This is not a done deal yet though. Both parties are trying to add other provisions to the bill that could delay a final vote. The House has said that they support the tax credit extension. We’ll just have to wait and see.

Click here for more information on this developing story.

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