Tomorrow (Friday, Nov. 6), to be precise.

The House of Representatives today overwhelmingly (403-12) passed the initiative, which also extends the $8,000 tax credit for first-time homebuyers until April 30, 2010.

President Barack Obama is expected to officially sign off on the legislation before the upcoming weekend.

So what’s it all mean?

Essentially, if you have been living in your current home for at least five consecutive years (and you own it, of course), the federal government will reward you with up to $6,500 to purchase a new home. However, you must close on the new house no later than June 30, 2010, to receive the bonus.

It’s a great incentive for empty nesters, downsizers, upgraders and basically anyone else who wants to relocate or enjoy a change of scenery … and get rewarded for it.

Get a head start and begin your new home search today at Foreclosure.com. We have the best real estate deals in your area featured in our comprehensive database of more than 2 million nationwide listings.

Happy hunting … and congratulations in advance!

It looks like first time homebuyers will indeed have more time to take advantage of the $8,000 tax credit, which was scheduled to expire on Nov. 30, 2009, according to the New York Times.

Legislation to extend the popular program until April 30, 2010,  recently cleared a big hurdle in the U.S. Senate, receiving unanimous support among lawmakers (85-0). The initiative could land on President Obama’s desk for final approval at the end of this week or early next if it passes its next stop in the House of Representatives.

In addition to first timers, the new measure would reward existing homeowners — those who have lived at their current addresses for at least five years — with $6,500 tax credits for buying new homes.

And last but not least, the new legislation will raise the income limits for eligibility ($125,000 a year for individuals and $225,000 for couples), ensuring that more people can take advantage of the incentive.

Stay tuned for additional updates on this developing situation. For more background on the $8,000 tax credit for first time homebuyers click here.

Learn how to create an absolute fortune investing in commercial real estate using two little known strategies with advice from industry expert, Jason Gilbert.

From strip malls to mobile home parks to apartment complexes, there is a ton of money to be made with commercial real estate. Successful investors will tell you that commercial deals are often easier to do than residential and make you far more money.

Much more.

Jason will reveal how you — regardless of your credit situation and how much experience you have can (even if it’s zero) — can make a fortune with commercial income property in this FREE training course, “Make Millions with Commercial Real Estate.”

He recently released two proven strategies, Joint Venture Facilitation (JVF) and Master Lease Option (MLO), which can get you started on the path to personal riches … regardless of your current situation.

This FREE educational session is available to watch LIVE online and for FREE on Wednesday, Nov. 18, at 7 p.m. ET. CLICK HERE.

This course will cover:

• Why getting into commercial is a “no brainer”
• What keeps most people out of the commercial side
• Who is Jason Gilbert
• JVF and MLO explained
• Why you should get involved and how you can start today

Real estate investment secrets will be revealed during this special learning opportunity. Whether you are just starting out or trying to get to the next level, this is one FREE presentation that you simply cannot miss.

We look forward to having you on the Webinar!

To attend “Make Millions with Commercial Real Estate” on Wednesday, Nov. 18, at 7 p.m. ET for no cost CLICK HERE. Spots are limited and are available on a first-come, first-served basis only.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

• Wall Street Journal: Home Buyer Credit Gets New Life http://ffs.cc/a/piooy6 TM #
• Deal of the Day, Elm Street edition: 6 bed/4 br 4,200 sq. ft. “Deal” in Sleepy Hollow, N.Y. http://ffs.cc/a/vhoh4i TM #
• Met some amazing brokers at the Sotheby’s International Realty Manager conference in Jersey City. LY #
• Deal of the Day, World Series edition: 4 bed/3 br 2,350 sq. ft. Philly fixer upper. Pot. equity = $12,100 http://ffs.cc/a/6u6r5k TM #
• Free email newsletter: Hot real estate markets in the U.S. in 2009 and beyond — http://bit.ly/3NQYPl TM #
• Deal of the Day, Last Frontier edition: 5 bed/5 br 5,380 sq. ft. Alaskan refuge. Pot. equity = $359,925 (97% under!) http://bit.ly/xkfa8 #

It’s an annual event, which we often coordinate to have a little office fun, boost morale and freak out our white collar corporate neighbors.

So this year we thought we would share with our readers two of our winning entries, one of which is actually industry appropriate and won “Most Creative.”

Check ‘em out after the jump.

“Deed in Lou”

“Creepy Clown”

Not too shabby, eh?

HGTV’s FrontDoor.com compiled two season-appropriate, and very different, lists:

Tricks

1. Every foreclosure is a bargain — Just because a house has a cheap price tag, doesn’t mean that it will be a good investment.
2. Buying a foreclosure property is like buying any other property — Foreclosure deals usually involve multiple parties and specific laws. Seek out a foreclosure expert.
3. Going into foreclosure is better than paying a mortgage you can’t afford — Foreclosure has major legal, tax and credit consequences and should be a last resort.

Treats

1. Homeownership is affordable — There really are well maintained foreclosure properties out there, some for as little as 50 percent below their market value.
2. Banks are motivated to get rid of their inventory — Banks want to get non-income-producing properties off their books as quickly as possible, which translates to competitive pricing for consumers.
3. The right foreclosure can be a good investment — Whether a foreclosure purchase is destined for renting or flipping, the right property can be profitable.

Remember you can find your treat on Foreclosure.com. Our nationwide database of more than 2 million distressed real estate listings is FREE to search for seven days. Cancel at anytime.

No tricks!

To check out the complete article head over to FrontDoor.com.

Remember that you can check out when the REDC foreclosure auction train will pull into your town right here (Click the link to see complete nationwide schedule). To search for other foreclosed homes in Tennessee and elsewhere throughout the nation click here.

Gregory Holm (a photographer) and Matthew Radune (an architect) plan to freeze a foreclosure home in Detroit, Mich., and demolish it in spring 2010 to draw more attention to the alarming default situation that has plagued “Motor City” for several years now.

“Ice House Detroit” — one of more than 13,600 active distressed properties in Wayne County, according to third quarter 2009 statistics from Foreclosure.com — will eventually be razed and donated to the community when the unique project is complete sometime in 2010.

The two “artists” came up with the idea of spraying a house with water and freezing it while studying architecture at Rice University in Houston, Texas. It just so happens that Radune feels Detroit is the ideal canvas for their work.

Here’s a snip from Yahoo!:

“It’s a project that couldn’t be done in the same way in New York City and it wouldn’t necessarily make the same sense. Detroit was a place where we could make it into more than architectural installation.”

Holm and Radune have yet to select a specific abandoned house in the region. Once they do they will take photographs of the transformation of the house, which will be featured in a book and possibly a documentary film.

We’ll keep you posted on their progress as it becomes available. In the meantime, feel free to check out their “Ice House Detroit” Web site right here.

• I just registered for REbarcamp San Diego on November 12. Looking forward to it! http://ffs.cc/a/e9qvjk #rebarcampsd SC #
• Automation is the key as long as we can remember to not forget we are dealing with humans. LY #
• Real estate pros: Attend virtual REbarcamp on Nov. 17 9am-4pm. http://rebarcamp.com/virtual/ #VREBC SC #

It’s mad dash to the finish line as the $8,000 tax credit for first time homebuyers expires in about six weeks on Nov. 30, 2009.

The National Association of Realtors today released a report that reveals existing home sales were up nationwide nearly 24 percent in September (compared to Jan. 2009). It’s the largest increase in more than 26 years, according to the Associated Press.

The primary reason for the surge?

First-time buyers are scrambling to take advantage of the limited time government incentive, which was introduced earlier this year to spark the flagging housing market.

Lawrence Yun, NAR chief economist, had this to say regarding the good news:

“Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home. We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Currently, there is no telling if the tax credit will be extended. However, there are several key Senate lawmakers who are lobbying hard to keep it alive and well into 2010.

We’ll keep you posted.

In the meantime, feel free to search Foreclosure.com for the best real estate deals in your area before someone else beats you to it.