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 November 07, 2009

President Signs Extension of Tax Credit into Law
The extension of the $8000 tax credit is anticipated to contribute nearly twenty-two billion dollars into the economy. With overwhelming bi-partisan support, the measure was passed by congress, extending the credit to April 30 of next year.
The President signed the legislation which includes the extension of unemployment benefits, into law on Friday, November 6.

The extension of the credit enables even more home buyer to take advantage. Buyers who have lived in their homes for five of the past 8 years and wish to purchase another home are entitled to receive a credit of $6,500.

Income level limits for eligibility were expanded as part of the credit extension. Single buyers must make $125,000 or les annually, while couples have an income cap of $225,000. Qualifying home prices top off at $800,000.

The National Association of Realtors has predicted that nearly 2 million additional buyers will take advantage of this expended credit opportunity.