CNN.com published an article yesterday that the IRS has left homebuyers qualifying for the homebuyer tax credit after the November 6, 2009 changes 'in limbo because no form yet exists for them to file'. The problem with that comment is that it's not presently true.
It's always tempting (and usually easy) to pick on media reports as biased or inaccurate. It's also tempting (and usually easy) to poke fun at the IRS for being slow, bureaucratic and even bumbling. I avoid the temptation unless it serves a purpose for my clients and taxpayers.

In this case, the CNN.com article is out-of-date but, assuming it was prepared by the writer over a week ago (I'll give him benefit of doubt), was accurate until January 8, 2010.

A 'revised' Form 5405 and Instructions are available on the IRS website as of that date, for sales made after November 6, 2009. I have no doubt my tax software will include it in its next update.
The revised form requires certain proof documents be sent with your return so that IRS can verify the taxpayer actually qualifies (blame the numerous frauds reported last fall for this change). The proof required is a copy of the settlement statement (usually Form HUD-1) or other specified documents for the 'first-time' credit and, if the 'long-time resident' homebuyer credit, five years of mortgage information OR property tax records OR proof of insurance on the property. A nuisance to be sure, and I can only repeat...blame the numerous frauds.
AND the form and tax return to which it is attached (the Form 1040 for 2009) must be filed on paper, since these extra documents cannot be processed by electronic filing. So while if currently takes IRS 16-20 weeks to process the credit and send the money (on the old form), the timeframe on processing the new ones is unclear. It will no doubt be at least that long on the revised version.

I want to give IRS a pat on the back. They said they expected a revision to form and instructions by early January. They met that timetable and the requirements aren't unexpected. I do hope they're making the personnel available to handle the work (that's my expectation, not necessarily theirs).
As for staff writer Christie and cnn.com, I wonder if he's waiting for his own homebuyer tax credit payment.

ADDITIONAL NOTE: THE CNN.COM ARTICLE HAS NOW BEEN UPDATED TO REFLECT THE AVAILABILITY OF THE FORM. THE DELAY IN PROCESSING TIME AND REQUIREMENT TO FILE PAPER RETURNS IS ACCURATE.