A couple of weeks ago NAR announced a second month of increases in existing home sales. Last week we posted a video of Jim Cramer calling the housing bottom. This week the paper is abuzz about the possibility of the home buyer tax credit to be increased and expanded. It looks like the housing market might be making a comeback. What caught my eye is the proposal for the tax credit to extend to all home buyers, hopefully attracting those looking to “trade-up”.

New proposed changes to the current $8,000 tax credit to first-time home buyers.

• A Senate bill to expand the tax credit to $15,000 for any home buyer regardless of income was introduced this month by Sen. Johnny Isakson, R-Ga. It is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn.
• A House bill to keep the $8,000 credit in place until June 2010 and expand it to all home buyers was introduced last month by Rep. Kenny Marchant, R-Texas. It also would provide a $3,000 credit to homeowners who refinance.
• Another bill in the House, introduced by Rep. Eddie Bernice Johnson, D-Texas, would extend the credit to all home buyers through 2010.

Do you think extending or expanding the tax credit to everyone will make a difference in this market?

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