Congress has extended the popular tax credit for first-time homebuyers and created a new tax break for homeowners looking to trade up.
When President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law earlier this month there was an audible sigh of relief from the real estate industry.
The first-time buyers’ tax credit that was set to expire Nov. 30 has been credited with causing the modest bump in home sales we’ve seen the past few months.
Under the new law anyone who hasn’t owned a home in the past three years can continue claiming a credit worth 10% of a home’s purchase price, up to $8,000.
The new act also includes a tax credit of up to $6,500 for individuals and families who have lived in their homes for at least five years and want to move.
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