House acts on tax credit deadline but June 30 still stands
There was some movement on Capitol Hill Tuesday toward extending the homebuyer tax credit. Here's what the Post's Dina ElBoghdady reports:
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. But its chances of survival in that chamber are unclear, according to a statement from the National Association of Realtors.
The tax credit — $8,000 for certain first-time buyers and $6,500 for some repeat buyers — was available to people who had signed a contract by April 30 and closed on it by June 30. The House bill would extend the closing deadline to Sept. 30. A similar proposal died in the Senate earlier this month because it was attached to a broader, more controversial bill that failed.
The Realtors’ association estimates that up to 180,000 people who signed contracts by April 30 would not be able to meet the current closing deadline because of mortgage processing delays.
June 29, 2010; 5:49 PM ET
Categories: Buying , The economy , The market
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Posted by: debaben | June 29, 2010 11:32 PM | Report abuse
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