Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers - or anyone who hasn't owned a home in the last three years - would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
Senator Johnny Isakson, R-GA., a former real estate executive claims 'this is probably the last extension''.
To read more, the L.A. Times has a great article by Jim Puzzanghera and Richard Simon and Alejandro Lazo.