"Last night the Senate voted cloture on a bill that includes the extension of the first time home buyer tax credit.
While this is not the final vote, it effectively seals the deal on the plan to extend the $8000 first time buyer credit through April 30th and expand said credit to move-up buyers on a smaller ($6500) scale.
A few weeks ago the Deputy Commissioner for Services and Enforcement at the IRS, Linda E. Stiff, testified before Congress that between January 2009 and September 2009 the IRS has processed claims from more than 1.5 million individuals or families who have purchased homes....Now granted, the extension is also an expansion, giving some move up buyers $6500 more in purchasing power, but that's only up to the income cap of $150,000 for single filers and $225,000 for joint filers...again, covering an awful lot of Americans, but not everyone. Contracts must be signed by April 30th and, yes, they can close by June 30th."**
**Quoted from Diana Olick - CNBC Real Estate Reporter