Details on the Home Buyer Tax Credit Extension

Home sales got a needed boost because of the Obama administration?s $8,000 tax credit for first-time buyers. With the national economy and housing market still fragile, the government recently decided to extend the tax credit through June 2010. The government also rolled out a new tax credit aimed at existing homeowners. Currently in effect, the $6,500 ?move-up? tax credit would apply for eligible homeowners who purchase a new permanent residence in the coming months. Housing experts hope the two tax credits can help the struggling housing market rebound in 2010. "The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules," Gibran Nicholas, chairman of the CMPS Institu