Good news! Tax Credit Closing Deadline Extended Until September 30, 2010
As expected, Congress passed an extension of the Homebuyers Tax Credit deadline. The bill passed the House earlier last week, and was approved by the Senate on the evening of June 30. The National Association of Realtors strongly supported the bill. It’s now off to President Obama for his signature.
The bill will extend the $8000 credit (for homes in contract by April 30, but unable to close before June 30) until Septemeber 30. In theory, it should supply “additional stability” to the Bend real estate market, as well as to markets across the country. In recent months, the low end of the price spectrum (the area most strongly affected by the credit) has been exceedingly active . . . in Bend, there is currently only 3 months of inventory available in the under $200,000 category. The legislation is designed to create a “seamless extension” of the new closing deadline for eligible transactions. There will be no gap between June 30 and the date the president signs the bill into law.
In a (to me) hyperbolic statement, NAR President Vicki Cox Golder gushed, “What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own!” Maybe she’s got a point.
