Looks like the first time home buyer's credit will be modified and extended.

According to CNN, First-time buyers could continue to claim up to $8,000. But existing homeowners who have lived in their home for five years could receive up to $6,500 if they trade up to a larger principal residence.

* The full credit would be limited to buyers who earn less than $125,000 a year and for married couples with annual incomes up to $225,000.

* The credit could only be used for homes selling for $800,000 or less.

* Contracts must be signed by April 30, 2010 and sales must close by June 30.

That's good news for home buyers and the market, bad news for our children and grandchildren who will be paying that debt back in the form of super high taxes and inflation.