On June 30th at midnight, the homebuyer tax credit was scheduled to end. However, Senate pulled a rabbit out of a hat and approved an extension of the homebuyer tax credit.
The homebuyer tax credit itself will not be extended but the closing date that current homebuyers have scheduled is been extended. With new federal laws and more complicated short sales, deals are taking a longer time to close. This extension will help over 180,000 homebuyers take advantage of the tax credit which translates into deals not falling through as many homebuyers were planning on using the tax credit for the purchase of their home in some way.
Thanks to one of the largest and most active political parties in the nation, the real estate industry has pushed congress to extend the closing date to September 30th. Yet another example of the powerful lobbying potential of the real estate and mortgage industies.
No comments:
Post a Comment