Legislators today voted to extend the $8,000.00 first time home buyer credit. Many say that the credit is responsible for the spike in the local real estate market while others criticize it as not being enough of an effort to stimulate the economy.
The President is expected to sign the extension making the credit available to first time home buyers through June 2010. The program has also been expanded to benefit certain home owners who will be buying again within the credit period. Income caps have also been increased along with the purchase price cap. You can read more about the specifics of the extension here.