Obama signs first-time homebuyer tax credit extension

President Barack Obama has signed into a law a bill that extends the first-time homebuyer tax credit to April 30 and strengthens anti-fraud measures, he announced today. The bill also stretches out unemployment benefits by up to 20 additional weeks and cuts taxes for struggling business owners. The new law comes on the heels of news that the national unemployment rate has eclipsed 10 percent. Obama said despite sustained job losses, the economy grew last quarter in large part due to a rebound in the housing market. The extended homebuyer tax credit, which was previously slated to expire at the end of this month, will be instrumental in ensuring a continued recovery, he said.