I’m pleased to report some terrific news for buyers taking advantage of the very popular Homebuyer Tax Credit.  According to the National Association of Realtors, as many as 180,000 buyers with completely ratified purchase agreements as of April 30th were likely to miss yesterday’s deadline.  Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law. The measure approved by Capitol Hill lawmakers allows home buyers to breathe a collective sigh of relief and provides an additional three months — until Sept. 30 — to complete purchases to qualify for the Homebuyer Tax Credit of up to $8,000.   NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

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