Tax credit extension

[Terry Iwaniw]

The tax credit for first-time homebuyers, set to expire on Nov. 30, is likely to be extended into April 2010, according to the office of Senate Majority Leader Harry Reid. The Wall Street Journal reports: "The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years."