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No Relief! Extension fails the Senate - Homebuyer Tax Credit Extension

By Pam Jank

Real Estate Agent with Coldwell Banker Schneidmiller Realty SP000

June 28, 2010 10:01 AM

The Associated Press just announced: Homebuyers tax credit extension fails

Home buyers already under contract for a home by April 30, 2010 will still have to close escrow no later than June 30, 2010 in order to receive the $8000 first time Homebuyer tax credit or the $6500 tax credit for repeat HomeBuyers.

Bill, H.R. 4123, if passed, would have given these Homebuyers an additional 3-months to close (September 30, 2010).

The vote was 57-41, three short of the 60 needed to beat a Republican filibuster.

According to the Associated Press article: Last week, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced home sales fell 53 percent in May for the 13 western states of the U.S. Nationally, home sales dropped 33 percent over the same time period.

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Contact: Pam Jank, Realtor, ABR, GRI, CRS, RSPS, PPS
Previews Property Specialist
Web: Coeur d'Alene Idaho Homes for Sale
email to:pamjank@hotmail.com
Phone: 208-661-2282 Fax: 208-772-6282 Toll Free:800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY
1924 Northwest Blvd, Coeur d'Alene, ID 838314

GRI Designation - Graduate Realtor Insitute CRS Designation - Certified Residential Specialist RSPS Designation - Resort & Second Home Property Specialist Previews Property Specialist Designation

Your North Idaho Real Estate Pro - Pam Jank

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Nicole Anderson

Lake Homes Realty - Pell City, AL

YOUR Community and Lake Expert

This is disappointing. I know we need to give our government a break from the expense of the tax credit but geez...we need it for our industry!

Jun 28, 2010 10:03 AM

Pat Fenn

Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA

This is going to have some backlash with buyers who might have been getting buyers remorse. Though there are no guarentees in life the contracts are already written and the money already "budgeted" in Congress. Just extend the closings and help the market move forward.

Jun 28, 2010 10:12 AM

Alicia Gibson

McLeRoy Realty Associates, Inc. - Zebulon, GA

Associate Broker, McLeRoy Realty Associates, Inc.

Pam, I received this news from one of my lenders last week and did a "short blog" on it....very disappointing because I had one that went south...not only because of this HOWEVER think they could have been persuaded to "hang in there" with the extension..that just put the icing on the cake! I feel like Nicole..torn between both sides.

Jun 28, 2010 10:15 AM

Kent Anderson

Coldwell Banker Resort Realty, Sandpoint, Idaho - Sandpoint, ID

from Schweitzer to the Lake

Way to be on top of it Pam. Thanks! -K

Jun 28, 2010 06:52 PM

No Relief! Extension fails the Senate - Homebuyer Tax Credit Extension

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