It looks like the Senate might vote on extension of the popular $8,000 tax credit for first time home buyers that is set to expire on November 30th, as early as this week.

 

The House is set to debate the issue today, and this would clear the way for a vote by the Senate and House, and the vote could come as early as tomorrow. The program has provided a great boost to local home sales, which have been slow to say the least, and an extension has been anticipated for quite some time. The incentive has successfully created buyers for entry level homes. The program has temporarily created "normal" market activity, as the owners of entry level homes are now able to sell those homes, and have in turn been able to move up to a larger home, and of course, the owners of those larger "move - up" homes have been able to move up as well.  

 

Lawmakers have also indicated that they may extend the program until the end of June 2010, and may add a credit for non first time buyers of up to $6,500 if they have been in their current homes for at least five years. This should add even more momentum to the market, as this would encourage those in entry level homes to consider taking advantage of the government cash, and moving up as well.

 

Buyers and sellers have their fingers crossed right now as they wait to see which way the Congress goes on this one.