House takes up home buyer tax credit extension
The deadline extension for the home buyer tax credit might not be dead after all.
Several members of Congress -- including U.S. Rep. Frank Kratovil of Maryland -- introduced a bill in the House today to give buyers three more months to close on deals struck by April 30. The current deadline is tomorrow night.
Lucien Salvant, a spokesman for the National Association of Realtors, said the proposed Homebuyers Assistance and Improvement Act seems to have "a good chance of passing" in the House and he's hopeful it will happen today. The Senate could take it up tomorrow, he said.
The Senate, if you'll recall, supported an amendment to extend the closing deadline to Sept. 30 but attached it to a bill with a lot of other measures that did not have broad support. That bill died last week. This House version only extends the tax credit closing deadline and does nothing else, Salvant said.
This week the Realtors group estimated the number of deals that aren't going to close in time for the June 30 deadline. It's still going with up to 180,000 nationally but also broke it down by state. Buyers in Maryland, it said, would miss the deadline on about 2,630 sales.
UPDATE at 5 p.m.: The House voted in favor of the bill this afternoon. The National Association of Realtors says it's on the way to the Senate now.