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Monday, November 02, 2009

Extending the Credit

Late last week a bipartisan plan emerged in the Senate that would continue the $8,000credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who've owned and lived in their houses for five consecutive years and now want to buy another as their principal residence.

That would still be enough, sponsors of the plan believe, to encourage people now on the sidelines to get into the market for new and existing homes in early 2010 -- and thereby help stimulate the economy and create jobs.

The Senate plan would also raise household incomes limits for the credit to $125,000 for single buyers and $250,000 for married couples - far more generous than the current $75,000 and $150,000 maximums.

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