Tax Credit Closing Deadline - UPDATE (foreclose, new home, homebuyer)

[Elke Mariotti]

It's done!!!
For anyone on this forum who thought they were eligible for the RE tax credit (either $8,000 or $6,500) because they were in contract by April 30th, here's the latest update:

CONGRESS PASSES HOMEBUYER TAX CREDIT CLOSING DEADLINE
PRESIDENT OBAMA WILL SIGN INTO LAW

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623).
The extension applies only to transactions that have ratified contracts in place as of April 30th, 2010 that have not yet closed.
The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is now September 30th, 2010.
There will be no gap between June 30th and the date the President signs the bill into law.


So now you have an extra three months (if necessary) to close on your new home

[ovi8]

could've really used an extra 3 months on the in-contract date.

[Elke Mariotti]

Originally Posted by rh71

could've really used an extra 3 months on the in-contract date.

I was hoping they'd phase it out... i.e. close by 8/31, get $6K; by 10/31, get $4K; by 12/31, get $2K

[SilverBulletZ06]

Hooray! Another attempt to soften the blow on a market that could have already hit the bottom like its going to anyway. At least this way we can extend out a recession and cost millions in taxpayer money.

(Thats sarcasm btw)

[Elke Mariotti]

Originally Posted by SilverBulletZ06

Hooray! Another attempt to soften the blow on a market that could have already hit the bottom like its going to anyway. At least this way we can extend out a recession and cost millions in taxpayer money.

(Thats sarcasm btw)

I hear you - and understand what you're saying. Of course admittedly, I have a vested interest here. And the housing market does fuel other markets...

Generally, I'm NOT for more government spending (= taxpayer money being spent).

[SilverBulletZ06]

Originally Posted by Elke Mariotti

I hear you - and understand what you're saying. Of course admittedly, I have a vested interest here. And the housing market does fuel other markets...

Generally, I'm NOT for more government spending (= taxpayer money being spent).

Housing being too high was a major factor in the pain of the middle class for the last decade, lowered property values helps tremendously to get (a goal of both rep and dem parties) more americans into homes. Its been 3 years now since the 2007 peak, two if you just called 2008 an off year. Plenty of time for the market to have corrected itself, instead we're getting the run around trying to make politicians look good. Stop it. Reset the rate to a measly 1%, stop making it harder to foreclose, stop the CRA mandation, and stop the rebates.