According to Real Estate Economy Watch, the first time homebuyer credit extension is close to a done deal.

After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers.  By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

As a Realtor, it’s good news for our industry but I don’t think that it would have been the end of the world, or will be in April, when the tax credit expires.  It will be interesting to see how many people are able to take advantage  of the $6500 credit for existing homeowners.  I haven’t found the exact text of what the senate is going to vote on but heard today that the requirement is that it has been your home for five of the last eight years.