Possibility of $8,000 tax credit extended???

I’ve been hearing rumors for the last few months that the government is considering extending the first time homebuyer’s tax credit program, but I had never read anything about it – until now. I receive a weekly newsletter from the National Association of Realtors and in this week’s edition was the following article:Daily Real Estate News  |  August 24, 2009  |   First-Time Buyer Tax Credit Extension Possible Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, “It’s something we can get done.”Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.This is great news for first time homebuyers who weren’t quite ready or were unable to take advantage of the credit this year.