Congress Extends Buyer Credit Through April

The House and Senate passed an extension to the home buyer credit, which would allow first-time buyers to continue to receive an $8,000 credit, and would also extend a $6,500 "trading up" credit to current home owners.

Both credits will apply to valid contracts signed by April 30, 2010 and closed by July 1.

The move-up credit does not begin until Dec. 1, so anyone buying a house in November will actually have an incentive to wait until 12/1.

But the impact of the extension of the first time buyer credit is likely to be muted.