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:

1. Congress Sweetening The $7,500 Home-Buyer Tax Credit? Since it was announced in late 2008, the $7,500 home-buyer tax credit has received mixed reviews, mostly because as it currently stands, it has to...
2. Home Buyer Tax Credit Re-Invented Well, it’s been brewing for a couple of weeks, and the final pieces are in place for the new Home Buyer Tax Credit. While it’s...
3. Home Buyer Tax Credit Form Several of our buyer clients who’ve purchased a home the past few months qualify for the Home Buyer Tax Credit, so it just seems natural...