By now, word has traveled throughout the housing industry about the extension of the 2009 First Time Home Buyer Tax Credit. An added feature to the act is the inclusion of move-up buyers, those who have lived in their existing homes for a minimum of five years. These buyers, most of them anyway, will be eligible to receive a maximum of $6,500 tax credit.

There are income limits for both categories of buyers - $125,000 for singles and $225,000 for married couples. And there is a cap on the price of the home of $800,000.

Homes should be "under contract" by April 30, 2010 and must close by June 30, 2010 to be eligible for the credit.

Visit the website for the Federal Housing Tax Credit.

As a Realtor and someone concerned about our economy, I am happy to see the government extend and modify the existing tax credit. However, my personal opinion is that it is unfortunate so many potential buyers will be left out.

Don't most homeowners trade up every three to five years? Those who tend to move more frequently will not be allowed to participate in the tax credit. On the other hand, will $6,500 induce a family to trade up if they normally live in their home for historically longer periods?

I would have preferred to see the tax credit awarded to any move-up buyer. Or at least those who had lived in their homes for a shorter timeframe. Three years might have been more equitable.

At any rate, this is important, welcome news for the real estate industry and many homebuyers throughout the country.