Yesterday I wrote about some changes in the Senate version of the economic stimulus bill. Today there is the biggest change of them all:
A $15,000 tax credit for homebuyers has been added to the economic stimulus bill.
This isn’t just for new homebuyers, like past credits have been. This is for every homebuyer. Here are the other details:
- The tax credit will be given for 10% of the home’s purchase price, up to $15,000.
- The tax credit will be issued in two installments: $7,500 for each of two years.
Now, if only they could make this $15,000 tax credit retroactive to include the home I bought in September 2007, I’d be SET.
If you have been thinking about buying a home, the time to do it could be approaching. With a 4% interest rate and the tax credit in this economic stimulus bill, it’s hard to see how the housing market could avoid recovery — at least temporarily.