Last night, the United States Senate approved a proposal for a home buyer tax credit of up to $15,000.00 (or 10% of the home’s value, whichever is less) to any home buyer. The current first-time home buyer tax credit is $7,500.00, and must be paid back over the course of 15 years — still not a bad deal. The Senate proposal does not require repayment.

Please keep in mind, this proposal has not yet been discussed or passed in the House of Representatives, and has not been signed into law by the President (who does support the proposal). Furthermore, there are people who think this is a bad idea, because it will “re-inflate the housing bubble” and won’t make banks any more stable. Since the housing peak, Americans have lost $3.3 Trillion — $3.3 Million Million — in property values.  In some regions, there is no sign of a bottom, but here in Las Vegas we have a stable number of listings, plenty of buyers, and some signs of price stabilization. 

More information will be added as it is known.