The Feds should consider expanding the tax credit to the second home market area. Those home sellers are suffering.

For professional results... Choose a professional!!! www.eNewHomes.com

We got it in time! Closing tomorrow!

I believe the New Home sales fell because they cannot get the homes finished in time to allow the 1st Time Home Buyers the tax credit.

I've got two right now that are closing (fingers crossed) tomorrow and Friday. Another that we are pushing to close before the deadline!

I've sent a letter to my State Representative. I would ask that all Realtors do the same!

Tell Congress to lower taxes and quit wasting all of our tax dollars and jobs will come back and people can work again and afford to pay for their own damn house.

Met with Dave Liniger this am (founder of RE/MAX). Any day should be a vote; looks like a 4-step phase out is likely ($8k till April '10, $6k June; $4k Aug; $2K Oct

[from the NAHB]

This morning, a tentative compromise was struck to extend the homebuyer tax credit and expand the net operating loss (NOL) carryback, and plans are being made to attach these proposals to "must pass" legislation extending unemployment insurance. Unfortunately, due to partisan politics on unrelated issues, specifically, the number of amendments that will be allowed to be offered, the bipartisan compromise on the homebuyer tax credit and NOL will not be allowed to be added to the unemployment insurance legislation.

As both parties continue to argue, the homebuyer tax credit and NOL amendment will be stalled and our window to get these critical economic incentives passed will close. We anticipate that the House of Representatives will take up the unemployment insurance legislation once the Senate has passed it, possibly before the week is out. This means that the extension of the tax credit and expansion of NOL could be sent to the President to be signed into law in a matter of days!... Read More... See More

Today, it was reported that after five consecutive months of increases, sales of newly built, single-family homes fell 3.6 percent, leading many to conclude that the housing recovery will lose momentum after the homebuyer tax credit expires on November 30.

The homebuyer tax credit and the NOL provisions are the best chance for us to "revive housing and restore America." We cannot afford to let partisan bickering stall the housing recovery and plunge this economy back into recession.

CALL TO ACTION
Call your senators and tell them to urge the Senate Leadership to stop playing partisan games and pass the homebuyer tax credit extension and NOL expansion now. Use the toll-free NAHB Legislative Hotline to be connected to your Senators: 1-866-924-6242.

Call Majority Leader Harry Reid at 202-224-5556 or 202-224-3542 and Minority Leader Mitch McConnell at 202-224-3135 or 202-224-2541, and tell them to allow the unemployment insurance bill to advance with the homebuyer tax credit and NOL.

Let the NAHB know what you are hearing from your senators by filling out the Congressional feedback form, by emailing builderlink@nahb.com or by calling (800) 368-5242 x8475.

Tell Congress to Stop Playing Partisan Politics with the Economy!

The funny thing is the market needs to correct itself as the the historic 2x, 3x, 4x increases were filled with fraud and speculation. If they dont pass the $8000 credit, sales will slump driving the prices down probably more than the 8k youre getting up front. There is no free lunch. If people arent working, people wont be buying. Gov't interference in the free market is not a solution, just a band-aid and will serve to prolong the down market.

SO WHAT DOES THIS MEAN? DID IT PASS OR NOT?
SORRY I DON'T UNDERSTAND. THANKS

They have not voted on it yet.

Senators agree to extend homebuyer tax credit

By STEPHEN OHLEMACHER (AP) – 23 minutes ago

WASHINGTON — Senators have agreed to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.... Read More... See More

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. A spokeswoman for Senate Majority Leader Harry Reid said senators agreed Wednesday to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.

A congressional aide said the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes. The aide, who spoke on condition of anonymity, was not authorized to publicly discuss the deal.

With the senators in agreement does this make it official or are we waiting on something else?

Lower the Corporate tax rate - create more jobs- we need consumer confidence in addition to the tax credit. It all started with housing.

You have to wait for it to go tothe house, then the prez. of course, the house would screw it up.

Does anyone know if the credits are one credit per home or per buyer? What if you have a joint sales not married and one qualifies for First time and the other the owned 5 year option. and file separate income taxes?

The credit is for the property, not per person. Therefore, if there are two eligible buyers for one property, they would have to split the credit. If only one qualifies of the two buyers, they can take the entire amount as long as the other person doesn't apply for the credit.

Here's an updated (and informative) Q&A I just ran across for those who are interested:
http://www.reuters.com/article/companyNewsAndPR/idUSN2831294320091028

From what one CPA told me, if one of the people buying owned in the last 3 years and that person will occupy the new property, then the tax credit will not apply to anyone, even if the other person buying is a FTHB. I dont know if this is for sure, but it's one CPA's view.

@Eric That is true.

Eric and Alicia that is how we understand it as well. Legally someone who has had ownership in property during the last 36 months, and is now part of the purchase of another home is excluded from the $8,000.00. However, the verification process with the gov has allowed hundreds maybe thounsands to get the 8k unchallenged.

@Eric, Alica, Darryl: Under present law if the people are married, then yes if one does not qualify for the tax credit, the other automatically does not qualify. However, if they are unmarried joint purchasers, in certain situations the first-time home buyer may qualify for the tax credit. Refer your tax professional to IRS Notice 2009-12 for more details.

Here is my message to Congress . http://www.youtube.com/watch?v=siEE9Mog5WI

Real Estate sales incline helped the economy and the middle income group. There are some news that the tax credit will be extended. Just have to finalize the details.
It sure is great, about time...

me tooo ;)

We start escrow tomorrow on our first home. It would be great if it is officially extended, so we can enjoy this time and not feel pressured to close by Nov 30. Hopefully soon!!!

Hopefully the bill will passed today by the House and signed by the President. Many of us home buyers are waiting for a final decision to be made

today?
That would be awesome!