Purchase foreclosure = tax credit?

Looks like there is a new bill out there making its way through the Senate...one of the elements of the "Foreclosure Prevention Act of 2008" is offering a $7k tax credit (spread out over two years) to those folks who purchase a home in the process of foreclosure or that has been foreclosed. Interesting to see if this element of this legislation makes it all the way through the process without getting scrapped...or if this bill goes anywhere in general.

There are other elements of the bill that seem great - such as pre-foreclosure counseling and more mortgage disclosure. I am all for educating the consumer...