First-time buyer credit and The Weekend Poll

There's some movement on Capitol Hill toward extending the first-time buyer's tax credit. As reported by the Post's Dina ElBoghdady, there is consensus in favor of a limited extension of the $8,000 tax credit. The latest version said to be favored in the Senate would extend the credit to home sales that go under contract by April 30 and close by June 30. A new, $6,500 tax credit would be available for buyers who have owned during five of the eight years prior to the purchase. (Vacation or investment homes would not qualify.) Among the highlights: the home price limit would be $800,000; the annual income limit to qualify for the tax credit would be $125,000 for singles and $250,000 for couples; and the cost to the Treasury would be $10.2 billion. Stay tuned: the compromise has not yet been voted on by the Senate. And the House of Representatives could come up with its own alternative.

Chat Day: Please join us for the Real Estate Live chat at 1 p.m. As always, you're welcome to submit comments and questions early.

Weekend Reading: Saturday's Real Estate section has a second installment of our "Inhabit" feature, which looks at the style and design of the places where we live. This week we see how political analyst Larry Sabato lives a 21st-century lifestyle in a 19th-century home on the lawn of Thomas Jefferson's "Academical Village" at the University of Virginia.

Happy Halloween, everyone. And keep a protective eye on the sugar-fueled little ones running around your neighborhood!

The Weekend Poll

By Elizabeth Razzi |  October 30, 2009; 6:00 AM ET  | Category:  Buying , Neighborhoods , Outdoors , Poll , The economy , The market , Weekend Poll
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