Tax Credit Close to Extension

Realtor.org's article released today, says the home buyer tax credit is close to final approval and signing. The Senate has passed the new version, and the House and President are expected to approve it as well. Here are the high points:

• Extended to May 1, 2010
• $8000 for first time buyers
• $6500 to repeat buyers with limitations on time of residence
• Home price capped at $800,000
• Income limits now $125k individuals and $225k joint filers
• Reduced credits for $145k individuals and $245k income joint filers
• Contracts in place by April 30 will get 60 days to close

May the next flurry of activity begin!