Alas, my crystal ball is in the shop.
But I CAN tell you the same thing I recently told the Washington Examiner about the upcoming expiration of the credit: the administration and Congress are under a lot more pressure now to control spending than they were this time last year.
Last year it was all about saving the economy (read: saving the housing market) and pulling us out of our depression/recession. This year it’s all about record deficits, massive new entitlement programs, and the threat of inflation. Even a bill renewing the national flood insurance program and extending unemployment benefits has been held up for weeks. How difficult do you think it would be to renew the home buyer tax credit?
My best guess right now is that the tax credit will not be renewed in its current form.
Read about the tax credit.