I saw this link on one of the message boards I frequent. Apparently the Senate wants to increase the home buyer tax credit to 15,000 and remove the income and first time buyer restrictions. Originally, when the stimulus bill was being considered in Congress, the first time home buyer tax credit was $15,000 in the Senate version and nothing in the House version. Through negotiations, the tax credit was watered down to $8,000 with certain restrictions.
Now apparently to encourage even more home buying the Senate would like to increase this tax credit back to the original $15,000! You got to love the government for trying. Personally, no tax credit is going to completely solve the problem with people losing their jobs, unable to meet their monthly obligations, and unable to easily get approved for financing.
This is definitely one to watch though.
Senators Want Homebuyer Tax Credit to Rise to $15,000 (Update2) – Bloomberg.com.