There is plenty of good news this morning for homeowners and those who want to be. Last night Congress passed the extension for the home buyer's tax credit. This moves the deadline for closing from June 30th to September 30th, 2010. According to Florida Realtors® this may allow an additional 14,000 people in Florida to enjoy the benefits of the tax credit that would have otherwise lost out due to not being able to close on time.
So many buyers flooded the market to take advantage of the tax credit that lenders were overwhelmed. Many of these buyers would have probably walked away from the purchase if they would have lost the tax credit. This legislation will help the Florida housing market by getting this inventory sold and having end users moving into what were in many cases distressed properties. This will also help stabilize communities and neighborhoods.
In addition Congress voted to reauthorize the National Flood Insurance Program till September 30th. This will allow many people who had contracted on homes that are in flood plain areas here in Florida be able to finally close on those properties. Lenders require flood insurance to be bound on the property if it is in a flood plain in order to close. Without the ability to get flood insurance many closings have been put on hold. Now that the program is reauthorized these properties can be closed on and more inventory will be taken off the market.
Both of these bills are expected to be signed into law quickly by the President.
For more information about the Fort Myers Real Estate Market go to: www.resuperstars.com
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