We bought our house in Novemeber of 2008. We had to buy because of moving for a new job. This was my first house , but not my wifes. She had our condo for over seven years before moving. My question is, will we be able to take advantage of the new tax break insentives that was just passed, or are we penalized for moving because of job?

My understanding is that if you were a first time buyer in 08 then you had the $7,500 first time buyer tax credit that is paid back over 15 years at 0 per cent interest.  A good deal.  Not sure what your question is.

I am a new investor and from my personal analysis,this Housing Tax Break will puff up buying power thus increasing home prices,its already a down market,to others its the best deal,but its again a strategy implemented to increase homeownership but its as well a fragile form or process or recovery.