Source: Associated Press (L.A. Times) ( Free Registration )

Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a smaller credit to some repeat buyers. The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid (D-Nev.).

Read Full Article: Senators agree to extend $8,000 housing tax credit