for the real estate industry.

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WASHINGTON (MarketWatch) -- Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid's office said Wednesday.

Legislators also have agreed to extend the tax credit through the end of April, according to a Reuters report.

An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years, a Reid spokeswoman said.

The credit for repeat buyers would be $6,500.

The credit reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000, respectively.

Reid wants to attach the tax-credit measure to a bill that would extend unemployment benefits.

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I find it noteworthy that the proposed credit would be expanded into the upper middle class (couples making $225K) and to those who have lived in their homes for at least five years...to purchase a second home. What are these Democratic senators thinking? These people don't need more taxpayers' help; they already get (and got) a lot. Meanwhile, this just adds to our debt, postpones the day of reckoning for when home prices must finally return to reality (they are still out of line with rents), does nothing to help the truly needy and instead helps those who've already gotten help.

I'm thinking about changing my party membership. The Dems seem to be a pandering corporate party these days. Of course I won't be choosing the GOP, as they are simply obstructionist, while remaining even more corporate than the Democrats.