I'm a real estate agent, and I've been following this as well. Here's an excerpt from an article I found online:
"The first-time homebuyer tax credit would provide a credit of up to $7,500 to be taken over two years. The allowable credit would be phased out for incomes between $70,000 and $90,000 ($140,000 and $160,000 for those filing joint tax returns). The credit would be available for home purchases made between April 8, 2008, and April 1, 2009.
The credit would have to be paid back without interest over 15 years. The recapture would be accelerated if the property is disposed of or ceases to be the purchaser’s principal residence before the end of the 15-year period."