Home Buyer Tax Credit Extended to September 30th

A sigh of relief swept across the valley yesterday as the US Senate voted to extend the deadline for the first time homebuyer tax credit.

The previous deadline was set for June 30th as many home buyers were facing the loss of their $8,000 tax credit due to delays in the closing of their homes.  Many buyers were scrambling to close on time but a projected 200,000 home buyers were not able to finalize their purchases in time due to complications involved in the purchase of short sales.

The House passed a similar measure a couple of weeks ago and the President is expected to sign the legislation soon.