First Time Homebuyer Tax Credit to be Phased Out

The Reid/Baucus proposal is to extend the tax credit and phase it out over 2010. The credit would be $8,000 through the end of the 1st quarter of 2010, and decline $2,000 per quarter after that ... ($6,000 in Quarter 2, $4,000 in Quarter 3, $2,000 in Quarter 4 2010)