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Obama Extends Homebuyer Tax Credit to 2010

Good news for those who weren’t able to take advantage of the $8,000 first-time homebuyer’s tax credit: it’s being extended! The program was scheduled to end this month; however, President Obama recently signed a bill to extend the program through June 2010.

This program differs slightly from the original; as it now offers a $6,500 tax credit for some existing homeowners who are also buyers. Also, the income limit has increased from $75,000 for singles and $150,000 for couples to $125,000 and $225,000, respectively. This extended tax credit has economists with the National Association of Realtors® estimating that approximately two million people will take advantage of the program this year. Will you be one? Read the full story here.