It looks like the fat cats in Washington, D.C. will pull it together and extend the home buyer tax credit. But it's really anybody's guess. Here's a Facebook message I sent just a few minutes ago to a friend who asked.
Q: Will the tax credit be extended?
A: My gut says probably. Handing out money during a recession is ultimately good politics, no matter what the Tea Baggers say. But it's getting awfully slowed down in Congressional Committee. There's so much political noise about healthcare legislation and (today) noise about the local elections in VA and NY.
If they extend it, I just hope those old fat white men in DC are smart enough to make it retroactive so there's no gap between the old credit ending Nov 30 and the new credit beginning. It would suck HARD to close on Dec 3 if the old credit ends 11-30 and the new one begins 1-1-2010.
There are actually 2 different bills, both stuck in Committee. HR 3760 and S1230. You can track progress at OpenCongress.org - do a search for "Home buyer tax credit" and you'll see them both.