Home buyers who signed contracts two months ago are racing to close sales ahead of Wednesday's deadline to claim a federal tax credit as banks and title companies deal with a crush of closings. Congress last fall extended a tax credit, worth as much as $8,000, to buyers that signed contracts by April 30 and closed on transactions by June 30.
(110th Class Senate Photo)
Late last week the Senate failed to secure enough votes to push through a bill that would not only extend unemployment benefits, but would also extend the closing deadline for borrowers looking to take advantage of the homebuyer tax credit. The way it stands now, this Wednesday, June 30, looks to be the official end of the homebuyer tax credit.
The National Association of Realtors said that as many as 180,000 contracts that were signed by April 30 might miss the June 30 closing deadline. But it is unclear how many of those sales won't happen as a result of missing the tax credit.
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