UPDATE: On Nov. 5, the House passed
the Senate's first-time home buyer credit provisions discussed in this post. Obama is expected to sign the bill, possibly as soon as Friday, Nov. 6.
Read more on the final tax credit in
Home buyer credit new definitions, limits
The Senate finally extended unemployment benefits, with continuation of the first-time home buyer credit part of the deal late this afternoon.
As expected, and blogged about in Reconfigured home buyer tax credit, the $8,000 credit would stay in place through April 30, 2010, with a two-month grace period for folks with signed contracts by that date.
A second credit of $6,500 would be available for current homeowners who have lived in their residence for at least five years.
Now we'll see if the House will accept the Senate's home buyer credit tweaks. We shouldn't have to wait too long.
House Majority Leader Steny Hoyer, D-Md., has said that Representatives would act quickly once the Senate completed its job. Indications are that the House will agree to the Senate's home buyer tax credit modifications.
I do hope, however, that the final version does include some safeguards to stem the fraud associated with the tax credit.