Do We Or Don't We Have An Extension For the $8,000 Tax Credit For Homes?

What about the extension for the up to $8,000 tax credit for first time buyers? Do we have it for sure? I keep hearing we do, and then I hear we don't. Then I hear we almost do. My mom taught me a miss is as good as a mile, so I still have no idea. Please tell me; who knows?

If we have it or get it, my concern is that people will think they can wait to buy until next April 2010. Right now there are people scrambling to buy to meet the end of November deadline. Some will miss if we don't get the extension. Loans and appraisals are often taking longer.

If the tax credit is extended, I hope buyers will use the extra time wisely to get their home under contract now; so they can be sure to get their loan and get the tax credit money and their home. That's the only way to be sure they'll get it. There are too many unknowns in the market right now.

I have heard that the new plan would allow buyers who own homes to take advantage of the tax credit but maybe not quite as much of a tax credit. I assume there will still be criteria to meet as there is in the current tax credit.