Tax Credit Extension Still "Tentative" but Hopefully...

The latest word on the $8,000 first-time-buyer tax credit is that it will be extended for a few more months, and that it will be at least partially expanded to some buyers beyond just first-timers, although the criteria they're using are a bit weird. The excerpt below is from Realtor.org:

"Lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years. Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program..."

Hopefully they'll settle on something soon so that buyers who are out shopping now will know what they're dealing with, and those thinking of selling will have some idea of what to expect in terms of traffic from potential buyers.