Tax Credit Extension?

There has been a lot of discussion and speculation lately through various news outlets about the extension and upgrade of the existing First Time Home Buyer tax credit.  As you know, the current $8000 tax credit is set to expire on November 30th.  I've seen numerous postings on Facebook and Twitter stating that the bill has already passed congress and has been approved by the White House. 

It has not gotten to that point just yet, but as this article points out, the Home Buyer Tax Credit should pass later this week.  

While the final details of the latest version will not be released until the bill has been signed off on by President Obama but speculation is that Tax Credit 2.0 will both raise the allowable income limits for first time buyers and also add a stipulation for move-up buyers (non-first timers).  

The pending expiration of the existing tax credit led pending home sales to soar in September which marked the eight consecutive month that the number of pending sales has increased.  Pending sales are a predictive indicator since contract signings can precede actual closings by up to 2 to 3 months.  

Both are good indicators for market activity in the near future.