Tax Credit Deadline Extended
Homebuyers who signed a contract or a purchase agreement to buy a home by April 30 now officially have until September 30, 2010 to close the deal and still qualify for the homebuyer tax credit. This morning President Barack Obama signed legislation into law that extends the closing deadline from June 30, which could be a boon for as many as 180,000 homebuyers who qualify for the extension, according to NAR. Many of these pending sales are for so-called distressed homes — foreclosures or short sales — which typically take longer to reach the closing table than more basic transactions. In May, distressed homes accounted for 31 percent of all existing-home sales, NAR reports. Fri, Jul 2, 2010

From CRS Member connect