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 February 09, 2009

Possible Fifteen Thousand Dollar Tax Credit Added to Stimulus Package
Tonight President Obama spoke about the urgency of passing the stimulus package. If all goes well, we may see some results from his speech in the next couple of days. One of the exciting details that was recently added to the stimulus package was the possible tax break that home buyers may receive.
The Senate agreed on an up to fifteen thousand dollar tax credit for those who purchase a home, as a primary residence, in the next year. This will be different from the $7,500 credit for first time home buyers that was offered several months ago. That credit resembled a no interest loan, rather than an actual credit. Many people think that the proposed tax credit will do little to stimulate the housing market, but I have to disagree. I think many people have been sitting on the fence, not only waiting for the market to bottom, but to also see if there would be a new tax credit offered.

As previously reported many experts are agreeing that the San Diego real estate market is already on the road to recovery, along with Las Vegas and the Phoenix housing market.