Tax Credit Closing Extension is DEAD... for now.

Hi Gordon - I saw that segment - well done by Maddow.

Hi Gordon - I saw that segment - well done by Maddow.

Karen Anne, anyone that gets me to spew about politics must be crafty. I usually keep my thoughts to myself. Or, should I say, I try to, LOL. I certainly have strong feelings about things, just feel most of the time no one really cares about my thoughts, they just want to cram their thoughts down my throat. And I don't want to be cramming my opinions down the throat of someone else either.

Now about that pen.... we need a picture of it. :D That is just way to cool.

Are you kidding - you need a FRAME for that - that's amazing.

Karen, I have to thank you for providing this...simply wonderful!

That pen you have from Roosevelt when he signed the Works Progress Administration into existence you must have gotten from your parents..you are not in your seventies, not by a good 15-20 years... seriously...

I love politcal/history buffs....right up my alley, someone with whom I can relate...hmm....

I must agree with the dissenting viewpoints.  The tying of unrelated items to a bill to get it passed has caused outrageous spending problems in this country.  Democrats and Republicans both do this and it is a ridiculous they do this. 

If any politician wants to pass a bill, they should write it so that it only involves that one topic.  The vote in question was not about the housing market.  This was wrapped into a larger bill the senate voted on.  To say a congressman voted for or against the housing portion of the bill is short sighted.  Members of congress must vote on an entire bill and not pieces of it. 

I am glad the tax credit is expiring.  If people cannot afford to purchase a home without the credit, maybe they should not be purchasing a home.  Does anyone remember what landed us in this mess to start with?  Maybe 100% plus no closing costs had something to do with it....

Now instead of 100% financing from a bank, the government is trying to do what they can to subsidize the fact buyers cannot receive 100% financing to make home ownership more affordable. 

But renters do not have the money to make a down payment for a home....  too bad.  How do we, an entire country, forget that for multiple decades it was required to place a down payment for a home?  Why is it now that everyone must own a home when they do not have the track record to show they can handle the financial responsibility? 

Thank you expiring tax credit!! 

"Why do you choose to simply make stuff up like this ? "

For the entertainment value of your predictable responses! :-)

Yep - it's so bad in AZ that we headed west to Disneyland yesterday.  Now - that's entertainment!

Don't tell me - he's seen the light and decided to become a community organizer! :-)

And then - they saw the light.  Funny how these things happen - and unanimously to boot!

http://www.msnbc.msn.com/id/38003340/ns/business-real_estate/

I agree.  It made all the difference to the Republicans vote once the $34 Billion add-on was removed and the only item being voted on was the extension.

 From a note from NAR recieved yesterday. (July 1 2010) Their lobbying efforts were effective.

Thank you for taking action recently on our Call for Action regarding the continuation of the National Flood Insurance Program and the continuation of the 502 Rural Housing Program.

 Last night, the Senate passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.

 Additionally, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 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 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.

 Our Government Affairs team worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.

 NAR is still working on restoring the 502 single-family rural housing loan guarantee program. Language is included in H.R. 4899, the Emergency Supplemental Appropriations bill, that is currently in conference between the House and Senate.  We expect the House to pass that bill shortly and are hopeful the Senate will do the same when they return the week of July 12. When that bill passes, the program will be restored through the end of the fiscal year.