It’s official. The first time home buyer tax credit has been expanded to include long time homeowners as well. Home owners can now get a $6,500 tax credit on a new purchase (certain conditions apply.)

This is good news for the real estate market (and real estate development) as it should spur some additional sales. This will cut oversupply in some areas and reduce the typical time a house sits on the market before closing. All good for stabilizing home prices and furthering the recover.

Here are the details.

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