TAX CREDIT MISLEADING

Well, the Senate did vote on Wednesday (June 16th) to extend the tax credit but it's not really what many homebuyers were looking for. With a vote of 60-37, the Senate accepted an amendment to extend the credit, but only to homebuyers who currently have contracts to purchase a home and had signed an agreement before April 30th. This in no way extends the credit for new homebuyers now to purchase a home and for me, it's a huge disappointment. This extension is more for the backlog of loans that have to be processed and gives them until September 30th to close on their contracts. Let's hope the tax credit idea comes along again as it created a spurt in the real estate market.