Home Builders, Realtors and Bankers continue to urge Congress to extend the home buyer tax credit, and from what I see day-to-day, there’s no shortage of would-be buyers who’d like to see it happen, but will it?

Isakson’s legislation would extend the program through the end of 2010, almost double the credit to $15,000 and remove restrictions that prohibit individuals who already own homes or earn $75,000 — $150,000 for couples — from getting the tax break.

While I see where our economy would benefit from such legislation, I can also see an immediate pitfall to the above proposal. What happens to all those buyers who already bought under the current plan and only got an $8K credit? Will they be allowed to file for an additional $7K credit, or will they be locked out of the party, like the buyers who took advantage of the first program, which was only $7,500 and had to be repaid?

Furthermore, where’s the money for this program going to come from?

While you're here, don't miss these posts:

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