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6/14/2010
| U.S. Senate Majority Leader Harry Reid (D-Nev.) yesterday introduced NAR-backed legislation to extend the amount of time households have to close on their home purchase and take advantage of the federal home buyer tax credit. Currently, households that submitted a purchase contract by April 30 have until June 30 to close. Under the Reid proposal, these home buyers would be given an extra three months. The extension would not apply to households that did not submit a contract prior to April 30. NAR estimates that about 180,000 households who are trying to take advantage of the tax credit are at risk of losing their eligibility because of the length of time it takes to close on their purchases. In the market today, many of the homes available for purchase are short sales, which typically take longer to close than ordinary transactions. Sens. Johnny Isakson (R-Ga.) and Christopher Dodd (D-Conn.) are cosponsors of the proposal, which is being added as an amendment to tax legislation under consideration in the Senate. |
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