The U.S. Senate on Wednesday unanimously passed a bill to extend federal homebuyer tax credits for three months. The House of Representatives approved the legislation Tuesday. Buyers now have until Sept. 30 to qualify for up to $8,000 in tax breaks.
The massive regulatory revision touches almost every aspect of the financial industry. In addition to rules aimed at trimming risk-taking among banks, the package prominently includes several new protections for consumers.
While the U.S. real-estate market is showing some signs of life, owners of the costliest homes are still suffering big declines in value. Prices in Aspen, Colo., have plunged 20% to 40% as the recession has shaved a whopping $1 million off the median price.
