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Tracy Davidson

Experienced consumer reporter, empowering people with information, getting results, always giving back.
Jun 17

Thousands of home sales depend on tax credit extension

Posted By
Jun 17, 2010 / 07:06 0

USA TODAY

Thousands of pending home sales may be in jeopardy unless Congress extends the June 30 deadline for buyers to close on their deals and claim a tax credit.

The Senate on Wednesday approved a three-month extension, giving buyers until Sept. 30 to close, but it’s attached to another bill that still has to be passed by the House.

The extension would apply only to buyers that met the April 30 deadline to have signed purchase contracts in hand.

The tax credit is worth up to $6,500 for repeat buyers and up to $8,000 for first-time buyers.

Many pending deals are in danger of not closing by June 30 because of delays that aren’t the buyers’ fault. Some appraisals are taking longer to complete, and some lenders have been overwhelmed by a crush of mortgage applications that landed before the tax credit expired April 30.

FULL STORY: http://www.usatoday.com/money/economy/housing/2010-06-17-homebuyers17_ST_N.htm

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