If you were thinking about buying your first house but then put it on hold because the first time homebuyer tax credit is expiring on November 30, it is time to reconsider. The senate has passed a bill to extend this credit until April 30 (and giving you two months to close – by the end of June) in efforts to continue encouraging real estate growth. Home prices are still down, but seemingly on the rise so it is still a great time to look around!
On the other side of the spectrum, those who are in the position of taking advantage of jobless benefits may be interested to hear that the senate has also chosen to extend those benefits by 14 – 20 weeks, depending on the state. If the state unemployment rate exceeds 8.5%, then jobless benefits are extended by 20 weeks. This is also in response to reports that unemployment is still on the rise, regardless of whether the economy is recovering (or not).
This news tip will probably be pretty obvious to some of you but maybe not for others so I thought it would be worth mentioning. Have a great week!