The new tax credit extension is a REALITY...and a huge incentive not only to First Time Home Buyers but to buyers who may be thinking of trading in that 3200 sq foot home for the all on one floor living of a rambler; or buyers who realize the advantage of low interest rates and more realistic home prices to "move up"; or buyers who can afford that 2nd home.
There are many information sources out there and I would like to encourage you to go the John L.Scott Real Estate website (www.johnlscott.com) and click on "Home Buyer Tax Credit Extended and Expanded"for updates to the tax credit. Additionally, the NAR and your local Realtor association have some excellent information pieces.
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