If the $15K tax credit passes, this will actually help boost the housing market! First, this truly is a tax credit, not a loan like the $7500 tax "credit" for first time homebuyers. Second, there is no income limit to get this tax credit either. The actual credit is up to 10% of the purchase price of your next home with a maximum credit of $15K. If you buy a house for less than $150,000 your credit would be less, but every little bit helps. Also, this home does need to be your primary residence. Of all the things to come out of Washington, this one might actually have some sense behind it!
For more information, read this article from US News & World Report.
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