Despite a lot of rumors, the homebuyer tax credit has not yet been extended. News sources are reporting that the Senate could vote to extend the credit very soon, but there appears to be some delay due to the parties not being able to agree to issues seemingly unrelated to the measure that they are trying to attach to it.

It also appears that the credit may be expanded as well as extended to possibly include:

• Income limits increased to allow those earning up to $125,000 if single (instead of $75,000) or up to $250,000 for married couples (instead of current $150,000)
• Some people who already own residences may qualify for partial credit

More information can be found here:

• Reuters article
• Reuters article 2
• Bloomberg article
• Homebuyer Tax Credit Site