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Senate Likely to Extend Tax Credit for First-Time Home Buyers

As Seen on FoxNews.com:

Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting.

Many property experts have cited the credit as a reason for signs of recovery in the housing market in recent months. But that recovery was somewhat undercut by the September drop in new-home sales reported Wednesday.

The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.

While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor. Senate Majority Leader Harry Reid (D., Nev.) hopes to add it to a bill currently on the Senate floor to extend federal unemployment insurance benefits. But agreement on that hasn't been finalized.

While Senate Republicans are likely to support the measure, House Democrats have raised concerns that it carries a high cost to the government. The Internal Revenue Service is examining the program for alleged abuse.

Market Update for Inland Empire

For additional market information for your neighborhood, please contact your local Prudential California Realty agent at 877-553-5557.

Go Mobile with Prudential's App

iTunes has just released a new free mobile app with Prudential California Realty to simplify the search for real estate. Over the past few years, the Web has revolutionized home shopping, with currently 86% of home buyers beginning their search online. This search is rapidly transitioning to Internet-capable phones, through which home searches can occur at anytime and anywhere.

By going mobile, Prudential California Realty is able to provide another great tool for sellers to showcase their property while offering potential buyers with a detailed look at a listing from any location. This valuable and efficient tool is truly real estate on the go, placing the homes consumers want to see at their fingertips, exactly when they want to see them. Once the consumer has found a property they are interested in through the mobile search, they can be connected to a licensed Prudential agent for more information or to set up a showing.

In addition to providing a detailed look at listings from any location, this exciting application allows consumers to stay connected to local real estate trends. By simply clicking “More,” home buyers are linked to Prudential’s Facebook, Twitter and other social media outlets. A link to Prudential’s YouTube channel provides convenient access virtual tours of listings. Prudential California Realty’s mobile application is available through iTunes for free today.

To download, please click on the “Go Mobile” link on www.PrudentialCaliforniaRealty.com or search for the application on iTunes.

Featured Property

Hilltop Manor Offers Panoramic Views

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Video Listing Presentation

Do you want to Sell Your Home in Today's Market? Check out this 2 1/2 minute video of why you should be using Jared Tafua of Prudential California Realty. Video Created by Tafua Design.

Prudential Real Estate has the Highest Average Sales Price

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