The New York Times reported Wednesday night that Democratic congressional leaders are working with the White House to extend the $8,000 first-time homebuyer tax credit and make it available to all home buyers.

The credit is believed to be a driving force in the recovery of the housing market. Some analysts fear the market will resume its slide once the tax credit expires Nov. 30.

You may read the full New York Times story by clicking here.

We thank the Seattle P-I for providing the summary.

Update on 11/5/09: President Obama is set to sign an extension of the homebuyer tax credit that adds new provisions to the existing law.  According to the AP story on Yahoo’s news page, ”

“The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years.

The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.”