From “The Lowdown on Home-Buyer Tax Credits“:

Last week, President Barack Obama signed a law that extends through next spring a temporary tax credit of up to $8,000 for some first-time home buyers, which was due to expire Nov. 30. The law also adds a new tax credit of up to $6,500 for certain repeat home buyers. The package, which the government estimates will cost a total of $11 billion, is intended to help spur housing sales, a critical part of the economy.

There’s a good FAQ section in the article after this section.

More reading:
Homebuyers tax credit supported
Will rejuvenated tax credit draw more home buyers?
Extended Home Buyer Tax Credit May Not Be Good For Existing Buyers
Home Buyer Tax Credit Program Should Benefit Market, Realtors Say
The First-Time Homebuyer Tax Credit – A Consumer’s Point of View

From “It’s up to Congress to extend homebuyer credit“:

The program has succeeded in what its designers intended; home sales have perked up noticeably since the credit was enacted. But it remains to be seen whether the tax credit was enough to stop the downward spiral in the housing market. The ongoing rise in foreclosures doesn’t bode well.

There is also strong opposition to extending the credit from members of Congress who are worried about the cost. With the federal budget deficit exploding, these folks are rightly concerned about the impact of piling more borrowing on the national debt. Even if the program ends at the end of November, the cost could hit an estimated $15 billion, which is more than double what its supporters projected when it was passed in February as part of the economic stimulus package.

So it’s entirely possible we’ll see an extension, but no one knows. No one can know. One thing you can be sure of is that your pushy real estate agent is clearly much more interested in locking up a commission than in helping you make the decision that’s right for you.

Maybe there’s hope for me yet.