Yesterday, the senate voted to give buyers an additional three months to actually "close" their contracts that were already under contract by April 30th. The measure is attached to another bill that has to be passed by the House.
The Senate, voted 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to September 30... but keep in mind, this is strictly for buyers who met the April 30 deadline to have a signed contract.
The prior deadline required buyers to close by June 30 in order to earn the $8,000 credit for first-time homebuyers or existing homeowners buying a new primary residence who were eligible for a $6,500 credit.
The purpose behind the extension, seems to be in order to benefit those buyers who purchased a short sale, and need more time in order to settle.
The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.
Now that it has passed the senate, it still needs to pass the house... but one step closer.