Yesterday’s Update from the National Association of Realtors:

Senate leaders of both parties, key Senate Finance Committee members and staff, and the homebuyer tax credit sponsors Sen. Chris Dodd (D-CT), Sen. Joe Lieberman (I-CT, and Sen. Johnny Isakson (R-GA), have reached an agreement on extending and expanding the housing tax credit.  However, right now, there is no agreement on how to attach this tax credit to the pending Unemployment Insurance bill, or whether to offer the tax credit agreement as an amendment to another bill, or whether to bring the agreement to the Senate floor and vote upon it as a separate, stand alone bill.

After Senate action – if passed – the legislation must still go to the House of Representatives for consideration.  There are still a number of steps to take before anything is final.  We will continue to keep you updated as we receive additional information.