Late yesterday Congress passed a revised version of the economic stimulus package, which is expected to create jobs (up to 3.5 million of them) and get the economy chugging once again.

The $787 billion plan will be likely signed into law on Tuesday, Feb. 17 by President Barack Obama.

We passed along news earlier this week that the proposed $15,000 tax credit for homebuyers was stripped from the bill even though it has received Senate approval. In a compromise, the existing $7,500 tax credit for first-time homebuyers was increased to $8,000 and extended five months from from July 1 to Dec. 1, 2009.

In addition, and perhaps more important, homebuyers who take advantage of the program are not required to pay back the $8,000 credit unless they sell their homes within three years.

That’s a tantalizing incentive for a lot of folks eager to achieve the American Dream and cash-in while home prices across the board at all-time low levels. Now, they can shave an additional $8,000 of the sale price, which is already drastically reduced if you search for deals on Foreclosure.com.

But what about the people who are struggling to remain in their homes?

President Obama has indicated that he will now shift his focus on the foreclosure issue, as well as other preventative housing initiatives. He is expected to outline his mortgage and foreclosure relief plan later next week during a speech in Phoenix, Ariz., on Wednesday, Feb. 18.

Stay tuned.

In yet another effort to get the national housing market chugging, elected officials in Washington, D.C., have proposed a tax credit of 10 percent of the value of new or existing residences ($15,000 limit) for homebuyers.

The money-saving measure is attached to the much-ballyhooed Barack Obama-inspired $800+ billion economic stimulus package. And earlier this week the Senate approved the Republican-led initiative.

What does this mean for you right now?

Not much. That’s because the $15,000 tax credit (as of this writing) has not been signed into law. It still needs to get the stamp of approval from both houses, as well as receive the formal signature from President Obama, before you can take advantage.

What does this mean for you (hopefully) in the near future?

Cash in your pocket! Under the plan, you could enjoy a tax credit of up to $15,000. And that goes for anyone who buys a house a house this year — it’s not limited to just first-time homebuyers or new homes.

There is currently a law on the books that provides for a $7,500 tax break for the purchase of new homes only. That money, however, needs to eventually be repaid over time.

Not this one.

So just because the $15,000 tax credit is still awaiting final approval, it doesn’t mean that you can’t check out the great deals currently available in your back yard. Start your real estate search NOW and get a leg up on all the buyers who will likely flood the market TOMORROW.

We’ll be sure to pass along updates as the happen. In the meantime, take advantage of our FREE 7-Day Trial and tally up the amazing savings while they last!