The U.S. House of Representatives has passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008. The bill includes a temporary, $7,500 first-time home buyer tax credit which many believe will jump start the housing market and bring buyers off the sidelines. The Senate is expected to approve the bill with minor changes and President Bush has agreed to sign it.
Besides saving troubled homeowners from foreclosure and stabilizing property values, there are long and short term benefits for most homeowners.
Today's NY Times has a simplified breakdown of the bill's benefits -- and limitations. The tax break applies for homeowners who purchase between April 9, 2008 and July 1, 2009.
.... there is no shame in taking advantage of what is offered. In fact, you would be foolish not to...[NYT].