Here's an update to your question.
The current $8k tax credit has been extended. It now applies through qualified purchases made through April 2010, but these homes must close with Title Transfers made before July of 2010. This also gives you time to close on a nice short sale.
The new law also provides $6500 tax credit to any person who has lived in a home consecutively for 5 of the last 8 years and wishes to purchase another home as their primary residence. The time frame is the same.
I have copies of the NAR point paper briefing and FAQ if anyone would likea copy, they can call me at 440-385-5650 or email at email@example.com.
Paul W. Drury
Broker / Consultant
Keller Williams Realty
Greater Cleveland West