Good news for those who haven’t been able to take advantage of the $8,000 first time homebuyer’s tax credit: There’s a chance it could be extended.

The deadline for the current tax credit is November 30, putting it out of reach for most people who haven’t started the process, but the tax credit has been very popular (1.4 million homebuyers and counting). And, as is typically the case with popular government initiatives, there’s a movement within the House and Senate to extend the program through 2010. That’s good news for would-be buyers and even better news for builders and real estate agents (who, not surprisingly, represent the majority of voices in support of an extension).

You might think that a successful tax credit program would result in an increase in housing sales, which would decrease the chances of the program being necessary in 2010, and you’d be right. Housing sales have been on the rise, but sales dropped 2.7 percent in August (the first decline since March) and housing prices have dropped more than 12 percent, which takes us back to the potential for a tax credit extension.

We’ve heard various versions of an extension are currently being considered in our nation’s capital – a total of six bills in the House and Senate – including one that would extend the program for military members who were stationed overseas in 2009 (likely to gain approval), one that would extend the $8,000 credit for all home buyers (not just first-timers), and one that would extend the credit and raise it to $15,000 (a suggestion by Senator Johnny Isakson of Georgia, who happens to be a former real estate broker). The $15K Isakson idea isn’t the long shot you might think it is. Isakson’s bill was narrowly defeated in a 47-50 vote in August, but may make a comeback thanks to its 16 co-sponsors.

Detractors claim an extended tax credit would be too costly for an already strapped government budget, but proponents say new house sales pump much needed capital back into the economy as new homeowners buy furniture, appliances and other new home necessities.

Said tax credit supporter and National Association of Home Buyers President Jerry Howard in a CNNMoney.com article: “When I bought my first home, I begged, borrowed and, since the statute of limitations is now over, I can admit I stole from my parents to furnish it.”