November 5th, 2009 9:53 PM by Preston Ware
This news is great in a lot of ways!
New York Times Nov 5, 2009: To spur the housing market, the bill extends an $8,000 tax credit for first-time home buyers that was due to expire on Nov. 30, making it available to those who have a contract before May 1 on a primary residence priced at up to $800,000. The bill also creates a new credit of up to $6,500 for existing homeowners who buy a new residence if they have lived in their current one for at least five of the last eight years.
Further expanding the number of eligible people, the measure raises the income limits for those claiming the credit to $125,000 a year for individuals and $225,000 for couples, up from $75,000 and $150,000. After that, the break begins phasing out.
The Obama administration had been unenthusiastic about extending the home buyers’ credit; many economists say most people claiming it would have bought homes anyway.