RealTown's RealTownTalk

"Senate Democrats have announced plans to extend the credit until April 30 while expanding it to include higher-income Americans and some who already own homes.

Senate Finance Committee Chairman Max Baucus said today the new plan would offer a $6,500 credit for homebuyers who have lived in their prior residence for at least five years. Couples earning up to $225,000 and individuals up to $125,000 would qualify for the break, Baucus said. That's up from the current $75,000 limit for individuals and $150,000 for couples."

Source: Bloomberg.com

Lori Bernier

Cell 860-748-9768

Lori.Bernier@CBMoves.com

www.thatsmyrealestateagent.com

The Natiional Association of Realtors, the Colorado Association of Realtors and our local Vail Board of Realtors have been urging members to participate in a Call To Action supporting the extension and changes.

The Tax Credit has been a boon to business everywhere, however I would hope that it doesn't create a bad end result like Cash for Clunkers which has increased personal debt. It is hard to predict.

As broker of a small office, I have seen showing traffic on first time buyer type property slow to a trickle now that tax credit is set to expire. And having it expire as we enter the 3 slowest months of the real estate year adds insult to injury. I think extending it through the spring 2010 market would be helpful to regaining the momentum and further reducing the inventory excesses.