Home sellers are hoping that an expanded tax credit plan passes Congress. But the costly plan is far from a sure thing. Karen Brown reports.
>> Karen: inaudible Even on a rainy day 7 year old Bella Segal assumed spelling is trying to help sell her house.
>> Bella: So I was thinking that we could sell lemonade to get people to come to the house.
>> Karen: Lemonade and a cookie 50 cents and for $575,000 she'll throw in a free house. The Segal's are moving to Saint Louis for a better job but their $575,000 house in New York's Westchester County has been on the market for 3 months and so far not even a nibble.
>> We know that we have to be patient and carry our mortgage for as long as we can. We're hurting financially and emotionally we're losing a lot.
>> Karen: The Segal's house is considered a move-up home. That market, which is 2/3 of all home buyers, is still in a slump.
>> There is a big problem in the middle part of the market.
>> Karen: To solve that legislators are considering a new tax credit similar to the $8,000 credit for first time home purchases. That helped bring 1.4 million buyers to the table and stabilize the markets. The new proposal would extend a first time credit through the summer of 2010, open it up to all buyers and offer up to $15,000 but it's expensive.
>> We're talking real money $75, $80, $85 billion and I think at that point we're stretching the limits of what we can do.
>> Karen: By the time the first time home buyers' credit expires on November 30th the government will have spent $15 billion.
>> They're spending hundreds of billions of all kinds of things and I think it's a pretty targeted area that's actually helping the housing market and helping the economy.
>> Karen: First timers like Moto Tada assumed spelling are racing to take advantage of the current program before the deadline.
>> Moto: $8,000's a lot of money.
>> Karen: But the majority of sellers are still waiting.
>> Bella: but it's sad that we haven't sold it yet.
>> Karen: And economists say without another tax credit it'll take more than a lemonade stand to get the real estate market moving again. Karen Brown, CBS News, Bronxville, New York.
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