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Homebuyer Tax Credit - Closings to be Extended until September 30th
Drew does an excellent job sharing good news with us all and even includes a break down by state of how many transactions would have lost out on the tax credit.
Well Congress finally got their act together on something.
Both the House & Senate approved a bill to allow homebuyers with purchase contracts dated by April 30, 2010 to close on their transactions until September 30, 2010.  THe bill is now on its way to President Obama to be signed into law.
Why the extra time?
According to the National Association of Realtors, approximately 180,000 homebuyers would lose out on the credit as they can't close by the current June 30th deadline.
NAR blames backed up lenders, delays in Flood Insurance and the Rural Development programs and new construction issues as the primary reasons homebuyers can't close.
Here's NAR's 180,000 list broken down by state:
Alabama, 2,590; Alaska, 830; Arizona, 5,440; Arkansas, 2,090; California, 17,700; Colorado, 3,390; Connecticut, 1,770; Delaware, 400; District of Columbia, 300; Florida, 14,830; Georgia, 6,270; Hawaii, 710; Idaho, 1,270; Illinois, 7,030; Indiana, 3,560; Iowa, 2, 030; Kansas, 1,840; Kentucky, 2,540; Louisiana,1,800; Maine, 840; Maryland, 2,630; Massachusetts, 3,930; Michigan, 6,470; Minnesota, 3,760; Mississippi, 1,530; Missouri, 3,600; Montana, 760; ... more

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