According to Realtor Daily Magazine News, the new and expanded $8,000 home buyer tax credit extension is expected to generate $22 billion to the economy. The credit was extended to April 30, 2010. The expanded bill includes $6,500 tax credit to current home owners who have lived in their homes five of the past eight years
Income limits were increased to $125,000 for single buyers and $225,000 for couples, up from previous limits. Home prices that qualify are capped at $800,000. Sen. Johnny Isakson of Georgia, a former member of the National Association of Realtors (NAR), was considered key in pushing through the initial legislation. The legislation was also boosted by the National Association of Mortgage Bankers Association. NAR estimates 2 million people will take advantage to the tax credit in this year.
Sources for Realtor Daily included The Associated Press and NAR.
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