Homebuyers Tax Credit Vote May Be Next Week

The Senate could vote on the bill containing language to extend and expand the Homebuyers Tax Credit next week. If you haven't responded to the NAR Call For Action, please do so today!

Thursday, the U.S. Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, which includes the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit.

The Senate is expected to vote Monday evening for a "Motion to Invoke Cloture." If 60 Senators vote "yes" on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.

Once the Senate acts, the tax credit must still go to the House of Representatives for action.

Please respond to our Call for Action http://kansasrealtor.com/admin/www.realtoractioncenter.com and ask your members of Congress to support the tax credit extension.

NAR will continue to provide updates on the tax credit as events warrant.

There was an additional development in the Senate yesterday:

The bill that sets FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law.  Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was important victory for market stability across the board.