Tax Credit Extension Passed by House and Heads to President
The House of Representatives passed Legislation that extends the Homebuyer Tax Credit until September 30th which will be the closing deadline for those Homebuyers already under contract. President Obama will be signing the legislation into law by as early as today. There will be no gap between June 30 and the date the President signs the bill into law for Homebuyers to be eligible for the tax credit.Homebuyer credit extension heads to Obama
By Tami Luhby, senior writer July 1, 2010: 10:54 AM ET - NEW YORK (CNNMoney.com) -- First-time homebuyers will have until Sept. 30 to close on their purchases and land an $8,000 tax credit under a bill passed by the Senate late Wednesday.
President Obama is expected to sign the bill, which was overwhelmingly approved by the House on Tuesday. The deadline had been June 30.
The bill doesn't help anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal must be finalized.
The Senate approved the stand-alone homebuyers tax credit shortly after a failed attempt to advance a bill that combined the credit with an unemployment benefits extension.
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Rob The RealtorPosted July 27, 2010 7:57 PM
Unfortunately, the Tax Credit was a joke, just like the "Cash For Clunkers" for two reasons. First off, it just accelerated everyone's time frame which created an artificial spike in sales, followed by a new crash. In turn, this recent plummet in sales has attributed to more bad press which in turn has effected the luxury market as well.
Secondly, there was a survey done when the rebate expired the first time around. Basically most everyone was going to buy anyways, so the government just threw away millions of dollars for no reason.
The reset button has to be pushed before the cycle can start over again. It's no fun, we've all been affected by it. More debt is not the answer to too much debt.
