President Obama signed a bill Friday extending the $8,000 first-time homebuyer tax credit, making it applicable to contracts entered into by April 30, 2010, and closing by June 30, 2010. The bill also includes a new $6,500 tax credit for homebuyers who have previously owned a home, if that home was their primary residence for five consecutive years out of the last eight years. Both the $8,000 credit and the $6,500 credit have expanded buyer income limits, and the cost of the home being purchased is limited to $800,000.
Also Notable:
- Third quarter Productivity increased 9.5%, the fastest pace of growth in six years
- September Pending Home Sales jumped 6% to the highest level since December 2006
- The Treasury will auction a record $81 billion in 3-yr, 10-yr, and 30-yr Treasuries next week
- The Fed purchased $16 billion in agency MBS during the week ending 11/4
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