President Obama expected to sign homebuyer tax credit bill!!!!!!!

President Obama is expected to sign the homebuyer tax credit bill today, November 6, 2009.  The bill was passed through the House of Representatives yesterday morning.

Congress approved the extension of the credit until April 30, 2010. The credit is equal to 10 percent of the home's purchase price or $8,000. The bill was also expanded to include homeowners who have owned their home 5 of the last 8 years. They may claim a credit of $6,500 if they sell that home and buy another.

This seller incentive may help those move-up buyers. Those seller-buyers are more likely to put the tax credit back into the economy by buying appliances, tvs, carpeting, etc.

Kudos go out to the Illinois members in the House of Representatives. There was 100% endorsement by our Congressmen and Congresswomen.