The U.S. Senate voted to extend the home buyer tax credit closing deadline to Sept. 30 on Wednesday. This would give an estimated 180,000 buyers who met the contract deadline of April 30 extra time to close the transaction.
The extension was added to a bill to pay for jobless benefits. One-third of qualified applicants have been notified that they will be unable to close by the deadline, estimates the NATIONAL ASSOCIATION OF REALTORS®. The Mortgage Bankers Association says delays are caused largely by the volume of transactions. The measure still must be approved by the House.