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Extension of June 30th Tax Credit Deadline Looking Unlikely

  • June 28th 2010

by Mark Wellborn

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Extension of June 30th Tax Credit Deadline Looking Unlikely: Figure 1

A Senate bill that included a provision that would’ve extended the June 30th deadline by which buyers who took advantage of the $8K federal tax credit have to complete their home-buying transaction, has been shelved, dashing hopes of an extension.

We recently reported that the Senate had approved a proposal that would’ve extended the closing deadline to September 30th.

The impetus behind the real estate lobby’s push for an extension is that a good number of home buyers who took advantage of the extension bought homes that were either short sales or foreclosures. These transactions often take longer to close than the normal home-buying process, and as a result, many buyers are in danger of not meeting the June 30th deadline.

The National Association of Realtors has stated that approximately 180,000 contracts signed by April 30th are in danger of not closing by June 30th.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/extension_of_june_30th_tax_credit_deadline_looking_unlikely/2210.

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