(Monday Nov 02, 2009) the Senate voted 85-2 to invoke cloture on a substitute amendment written by Senate Democrats.  That mean's the New Tax Credit for current home owners is very close to being passed into law.  Check back as this develops.  

There is talk on the news media as of yesterday, that the US Senate has come to an agreement to extend the current Tax Credit for first time home buyers. It is also being reported that they have made a New Tax Credit for people who have owned there home for at least 5 years and want to sell to upgrade. $6500 has been thrown out as the amount for the Tax Credit. However, none of the details of exactly who and how to qualify have been released yet.

How great would this be for the people who have done the right thing by staying out of debt and paying their mortgage on time. This is perfect for the people who want to take advantage of the current home market. There are truly some great deals out there in foreclosures and building opportunities.  Let's home this is true and it comes to fruition.