From the Associated Press –
WASHINGTON — Homebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday. The bill would give buyers until Sept. 30 to complete their purchases. The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the Wednesday deadline.
“We owe this to the people who have essentially followed the rules who are caught by a closing date,” said Rep. Sander Levin, D-Mich., chairman of the House Ways and Means Committee.
The Realtors group says the tax credit has generated 1 million new home sales that wouldn’t have happened otherwise………..
Really? I’m actually starting to wonder if this homebuyer tax credit will ever end. How many times have you heard, this is the last chance to take advantage of the tax credit? I would like to share the following video. It’s what some might call a microcosm of Congress and NAR.
File Under: Last chance forever on the homebuyer tax credit.
Hat Tip: bloodhoundrealty