The homebuyer tax credit has been extended. Rentedspaces.com reports that:

The House and Senate passed an extension to the home buyer credit, which would allow first-time buyers to continue to receive an $8,000 credit, and would also extend a $6,500 "trading up" credit to current home owners.

Both credits will apply to valid contracts signed by April 30, 2010 and closed by July 1.

So is this an even better time to buy? It depends on your market. While prices have come down dramatically in some housing markets, the $6,500 to $8,000 credit might not make much of a dent in areas where the average cost of a home is still rather high, such as the D.C. metro area. The first time homebuyer tax credit extension of $8,000 also makes this a better deal for first timers, over homeowners who are looking to purchase a new home. But, as many lawmakers believe that this will be the final extension of the home-buyer tax credit, even the $6,500 credit current home owners are eligible for is an important consideration.

The bottom line is, with the increase in cheaper homes available through foreclosures and dropping prices in many markets, the expanded homebuyer tax credit makes this the best time to buy in years -- if you were already serious and prepared to buy a home.

Learn all the details of the home buyer tax credit extension on the U.S. News & World Report site.