John P Lazo

The Worker, Homeownership and Business Assistance Act, signed by President Obama on Nov. sixth, extended the deadline for the $8, 000 First-Time Homebuyer Credit as well as added a new $6, 500 credit for certain existing long-time homeowners who purchase a replacement principal residence. The First-Time Homebuyer Credit, which many believed had helped lift the slumping housing market, was set to expire at the end of November.