UPDATE 6/30 Senator Reid released a statement the the tax credit extension passed, but the Senate vote roll does not show there was a vote. More details I guess in the morning.
The House has been busy trying to recover the Home Buyer Tax credit closing deadline extension. This time as a stand alone bill. It passed the House this afternoon, rather quickly after it failed to go through with larger Tax Extenders Bill.
Here is a summary of HR 5623, Homebuyers Assistance and Improvement Act of 2010.
I hate to say this, but I think passage is likely in the Senate, and maybe tomorrow. The Senate a couple weeks ago passed the extension amendment to the Tax Extenders Bill.
Maybe we can expect something fast tomorrow. The tax credit deadline is set to end tomorrow.
Reports are that 180,000 home buyers would miss out on the credit who would otherwise be qualified.
Of course this would not impact new home sales. The purchases that would benefit if the tax credit closing deadline is extended have already been contracted.
A similar effort was given to extend unemployment benefits. That effort did not pass.
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Richard Smith |
American Acceptance Mortgage, Inc |
FHA, VA, Rural Development, Conventional, Jumbo,
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Richard Smith Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC). |
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Unemployment Benefits did not get passed.....I was hoping that it would. Can we really revive housing on Tax Credits??
No, we most certainly cannot revive housing on tax credits. Your point is right on. Plus the purchases that will benefit if this passes are already under contract. This will not produce any new sales contracts.