It used to be assumed that a vacation-home owner was in a better position than vacation renters. Given the price declines of recent years, that's not necessarily so. Who fares better now?
How low can they go? Freddie Mac reported this morning that average rates on a 30-year fixed mortgage sank to 4.58 percent, blowing past last week's record low of 4.69 percent by 11 basis points. Meanwhile, news just out from the National Association of Realtors is hardly encouraging. Pending home sales, based on homes going under contract in May, fell 30 percent from April and were 15.9 percent below a year ago.
Both houses of Congress have now passed an extension to Sept. 30 of the closing deadline to qualify for the homebuyer tax credit.
The House voted Tuesday to give home buyers who want to take advantage of a lucrative federal tax credit three extra months to complete their home purchase. The measure, which passed 409 to 5, is now headed to the Senate.
How's it going out there, racing to close home purchases by 11:59 p.m. Wednesday? That remains the deadline to qualify for the homebuyer's tax credit of up to $8,000. A measure extending the closing deadline to Sept. 30 is pending in Congress--but it has not been passed. (