The first time home buyers tax credit has been extended, and some changes have been made. Whilst the tax rebate still targets mainly first time home buyers, the added provisions for those looking to move to a new home are nice. They also bumped the income requirements.
Both of those changes are smart, in my opinion. I never fully understood why the credit excluded higher income ranges. When wealthy people buy houses does it not help the economy? Also why not help people who already own a home? Times are tough right now. In a bad housing market some current home owners deiced now was not the time to buy a new home. Now that current home owners (more than 5yrs in your current home) are included, they may feel now IS the time to buy a new home.
Here is a good article with the basic details and changes to the tax credit:
http://news.yahoo.com/s/usnews/firsttimehomebuyertaxcreditgetsobamanod
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