With the November  30 expiration of the First-Time Home Buyer Tax Credit fast approaching, the wrangling in Washington over whether to extend the program is getting mighty interesting.

In early September, Senator Johnny Isakson, the patron saint of the National Association of Realtors (and a guy who made his fortune selling real estate) teamed up with Senator Christopher Dodd to back a plan that would increase the current $8,000 credit to $15,000, make it available to all homeowners (not just first timers), and double the income-eligibility rules.

By last week Senator Isakson had reined in his proposal a bit, settling (for the moment at least) on an $8,000 credit through June 2010. But the provision to make the credit available to existing homeowners is still on the table, as is doubling the income limits to $150,000 for individuals and $300,000 for married couples. …read more