This week the U.S. Senate passed a measure that would continue to provide a credit to first-time homebuyers and also offer an incentive for current homeowners to “upgrade” to a new home.

Currently, first-time homebuyers get $8,000 from the federal government for buying a house.  The Senate measure would extend the time period of that credit through April.

Additionally, the measure would provide a $6,500 credit for existing homeowners (defined as residents of their current homes for five years) to upgrade.

The upgrade credit is intended to help the middle and higher ends of the housing market, which have struggled even more than the lower end of the housing market.  The mid-level market has been particularly troubled in Nevada, so Las Vegas residents stand to benefit from such a credit.

Hopefully this measure, if passed, will help stop foreclosure Las Vegas.  Or at least slow it down a bit.

If you’re facing foreclosure and seeking good Las Vegas bankruptcy attorneys to help you with foreclosure defense, foreclosure mediation or Las Vegas bankruptcy help, please contact us for a free initial consultation.  We’ll answer all of your questions and help figure out the best options and strategy for you.