Good News...Congress is under the gun from homebuilders and Realtors to extend the $8,000 first-time home buyers' tax credit beyond its Nov. 30 expiration and even expand the credit to existing homeowners — a move that could happen before the week's end. Proponents say the tax credit has helped breathe life into the comatose housing sector and that its extension is critical. "Failure to act now could derail the fragile housing recovery even before it has time to take root, " said Jerry Howard, president and chief executive of the National Association of Home Builders, in a recent statement.About 1.4 million households used the credit between February (when the program was launched) and September. And from 350,000 to 400,000 of those transactions involved purchases that would not have been made without the credit, says Lawrence Yun, chief economist with the National Association of Realtors (NAR). The latest housing data has also been positive: sales of existing homes shot up 9.2% in September to a seasonally adjusted rate of 5.57 million units — the highest level since July 2007, according to NAR. At the same time, inventory levels declined 15% from the same month a year earlier. Congress is mulling plans to extend the $8,000 first-time home buyers' tax credit to April 30 (which covers home purchases closed by June 30) and to allow individuals with incomes of up to $125,000 (or $250,000 for couples) to apply for the credit, up from the previous threshold of $75,000. Also, a proposal is on the table to offer a new credit — $6,500 — to move-up buyers who have lived in their home for at least five years. The Senate is near a vote on its version, which includes an extension and expansion of the credit, and the House could quickly accept the Senate version once it is passed. But analysts wonder if the $11 billion price tag for the credit's next phase is worth it. Some say many of the people using the tax credit would have purchased a home anyway.