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Keep your eyes on the legislation being debated in congress. The house version of the stimulous bill would eliminate the requirement to re-pay the tax credit of up to $7,500. The senate is proposing up to $15,000 as a tax credit and opening it up to any purchaser....not just a first time home buyer (see earlier in this blog for more information on the current rules). Tax changes always have winners and lossers but one thing is certain; offering a huge gift to anyone who buys a home, will certainly encourage more people to get into the market. If these new rules take effect, it should help stabalize our prices. For those thinking about investing for resale, it should mean more potential buyers down the road.
[ ..More About Fenton Tax Credit for Home Buyers ]
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