Senate Voted to Extend Tax Credit. New Hope for First Time Home Buyers

In a 98-0 vote the Senate today voted to pass the Extension of the Tax Credit for home buyers, and it is expected to pass in Congress and be signed by President Obama on Friday. More details of the extension will follow.

That is great News for First Time Home buyers who were trumped by investors paying cash for affordable housing. Now they get a second chance.

At least in our Palm Springs area, it was frustrating for many first time buyers who qualified with flying colors to purchase a home. Many submitted offers on Bank Owned houses, contended with the frustrations of the waiting period, only to find out that their offer was trumped by investors paying cash and winning the properties for less than the asking price.

That scenario was getting very familiar during the past couple of months, when buyers were trying to stay within the Tax credit deadline date of November 30.

Now these folks will have some more breathing room, and the economy might get another shot in its recovery.

Abraham Baghbodorian

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