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Tax Credit Deadline - Has It Been Extended? and Will Unemployment Affect Your Business?
The U.S. Senate voted Wednesday to extend the home buyer tax credit closing deadline to Sept. 30, giving an estimated 180,000 buyers who met the contract deadline of April 30 extra time to close the transaction. The extension was added to a bill to pay for jobless benefits. The NATIONAL ASSOCIATION OF REALTORS® estimates that one-third of qualified applicants have been notified that they will be unable to close by the deadline. The Mortgage Bankers Association says delays are caused largely by the volume of transactions. The measure still must be approved by the House. SO BROKERS BEWARE - it is not yet a Law so it's not a "Done Deal." Call your Congressional Representative and tell them to support this Bill. Additionally, according to a new study released by the Joint Center for Housing Studies at Harvard University, the Housing Market Recovery could be aided by the jobless rate. Depending on your perspective and location you may think it could be hampered and NOT aided. Here in Rhode Island, we have had double digit unemployment for twelve months and only marginal improvements have been realized. This is largely due to to the unfriendly business climate that our State Legislature has ... more
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