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Don't really know is my answer.... The current credit expires on 11/30/2009 meaning the home must be closed by this date in order to qualify for the $8,000 federal tax credit.  With the banks being backed up and scads of folks trying to beat the clock, offers need to be put in by now in order to have some assurance that a closing can occur by the end of November.

Extending the credit has been a push in the government to allow this credit through 2010 and not just to first time home buyers. Existing home owners are on the push to also get this credit to create a "move up" market to higher price homes.

It's best to plan that the credit will expire as noted on 11/30/2009 and any extension is a bonus for sure. If an extension is announced, I bet it will be done just before the November expiration date so not to disturb the frenzy and stall the reason in which the credit was intended- to buy homes!

Check back on my blog for updates!