Congress extends Home Buyer Tax Credit
As reported on the website of the National Association of Realtors yesterday, Congress has extended the closing date deadline for those who have binding signed home purchase contracts put in place by April 30, 2010.
In a note posted on the NAR website, the association writes:
“Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet
closed. The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.
Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.”
The fear was that up to 200,000 people would miss out on the Tax credit as the deadline loomed and many of those houses would come back on the market. Both Houses of Congress worked quickly to get this measure passed to try to calm any fears and maintain stability in the Housing market.
