Millions of homebuyers could soon be in line for a $10,000 tax credit under sweeping reforms of the housing market proposed by President Biden during his State of the Union address.The move is intended to improve housing affordability after mortgage rates effectively doubled in the past two years while property prices remain artificially high.According to the , Biden's plan - which would require action before it goes into effect - is set to help 6.5 million Americans. The credit would be spread over two years.
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