A deal has been reached in the Senate that would extend the home-buyer tax credit, Senate aides said. The $8,000 credit for first-time buyers would be made available for a longer period, and a new credit of up to $6,500 for some existing homeowners would be created. The new credit would go to home buyers who have lived in their present place of residence for five of the past eight years. But it is not clear that the bill can pass the Senate, nor is there agreement from lawmakers in the House.
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