It’s not final yet but we are definately one major step closer to officially extending the first time buyer tax credit.  The most significant change is that more buyers will be able to qualify for a tax credit due to the “repeat buyers” addition.  If passed, it will allow for current homeowners to claim up to $6,500 if the home they are vacating has been their primary residence for 5 consecutive years out of the last 8 years. 

For more details, read the full article:  http://www.usnews.com/money/blogs/the-home-front/2009/10/29/first-time-home-buyer-tax-credit-gets-obama-nod.html