If you missed out on the first-time homebuyer’s tax credit this year, it looks like you're in luck.

A bill quickly making its way through Congress and expected to be signed by the president will extend the credit through the spring of 2010 and expand it to current homeowners looking to buy another house.

It comes with a reportedly hefty price tag of nearly $11 billion. But those in the real estate industry say if the credit isn't expanded, the housing market will take a nose dive.

More than half of all home sales in the past four months in Sioux Falls have been a direct result of the $8,000 first- time homebuyer's tax credit ending next month.

"It's activity that's allowed us to go from 20 percent down in home sales (from last year) and now we're expecting to end October only two percent down. That's a pretty significant stabilization of the market place," Barton Hacker of the Sioux Empire Real Estate Association said.

By expanding the credit to $6,500 to next time homebuyers for 2010, Hacker says houses that aren't selling would start moving again.

"We certainly have a considerable amount of inventory in $250,000 to $300,000 homes. What this expansion will likely do is get rid of that inventory and help us get back to a stable marketplace," Hacker said.

The Realtors Association says it's not getting too many details of who would qualify for the tax credit, but it sounds like it may be applicable to most people who want to buy a home in South Dakota. Individuals who've lived in their home for at least five years can earn up to $125,000 a year to qualify or $225,000 dollars a year for married couples.

"That income level more than makes up for a large number of purchases happening here and the benefit if this tax is expanded would be tremendous," Hacker said.

Since August, more than 880 first time homebuyers in South Dakota took advantage of the credit. This year's tax credit cost nearly $9 billion.