The Senate seems to believe it's a start! They have reached a compromise on extending and expanding the $8,000 tax credit for first time home buyers. According to Rismedia, "passage remains uncertain" however probable. The proposed legislation states that it would extend the tax credit for first time buyers who have a signed contract by April 30, 2010. Those buyers will then have until June 30, 2010 to close on that home. There may be a new tax credit of $6,500 for some existing homeowners who have been in their homes for five years over the past eight years. More details to come on that plan.
If the current resale inventory continues to decrease due to an increase in home sales....then new construction business could begin to rebound too. This means more jobs to help our economy grow. More jobs leads to more consumer spending and Real Estate definitely takes a lead in the recovering economy!!