There seems to be a world of confusion surrounding the extension of the $8000 1st time homebuyer’s tax credit.  For some reason, a lot of large news networks broadcast a story that made it appear that Congress had already passed legislation extending the opportunity to capitalize on it.
 
Allow me to clarify:
 
Thus far, the extension of the tax credit has made it through a couple of financial committees, but has not yet been debated on the open floor.  The problem is that if they introduce the extension as a new autonomous bill, it will go to the back of the line and have to wait in queue until its turn to be debated.  By that point, the November 30th deadline will have come and gone.
 
So, in order to circumvent that delay, many are trying to add the tax credit extension into an existing bill concerning an extension of unemployment benefits.  So, not only do supporters need to convince naysayers that the housing tax credit extension is good, they have to simultaneously promote the un­employment benefits extension.
 
If your ears are bleeding right now, don’t worry: that’s a common reaction to seeing how screwy our legislative branch works.  Just try not to get any on your keyboard.
 
There is talk of extending the benefits to non-1st timers, talk of expanding the monetary value of the benefits, and talk of slowly decreasing the benefits as 2010 progresses.  Until something solid gets passed in Congress, I’d rather not bog you down with the details.
 
I am of the opinion that this would be money well-spent, as real estate continues to be the linchpin of any sustained economic recovery.  However, I can see the validity of the opposing views, claiming we have already driven up too steep of a national debt to justify more artificial tax breaks.  Makes me glad I’m not the guy responsible for making these decisions.  Long story short: once we get something writ­ten in stone surrounding this tax credit, I’ll be the 1st to let you know.
 
In other news, I am pleased to announce that my wife Erin is leaving the world of education and is teaming up with me as a loan originator.  Everyone (or at least those who are honest with themselves) knows that women comprise the wiser sex.  So, I’m excited to bring my lovely and talented wife on board.  I expect this is going to dramatically increase the service we can offer and the presence we will have in the community. 
 
Swing by www.GregWhiteside.com and see all of the fancy new updates she has added.  2010 prom­ises to be an exciting year for real estate and finance, and I am amped about the opportunity to tackle it side-by-side with the love of my life.