This week, the Senate has turned its attention to the extension of the home buyer tax tax credit which expires on December 1 unless extended. Members of the Senate have said they have substantially reached an agreement on extending the credit, and plan to add it to a bill that would extend expiring unemployment benefits. The amendment would extend the existing $8,000 tax credit for first-time home buyers and offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period within the past eight years. Once the Senate has adopted the extension, the House is expected to take up and pass the Senate language. The White House also came out this week in support of the extension. MHI has expressed its support for extension of the homebuyer tax credit to key members of both the House and the Senate, as well as to the White House.

Source: MHI Newswire