Unfortunately, the buyer tax credit extension which would have extended the deadline for the buyer tax credit from June 30, 2010 to September 30, 2010 was attached to the American Jobs and Closing Tax Loopholes Act of 2010, which also would have extended U.S. jobless benefits. The Senate voted Thursday 57-41 against the legislation.
The National Association of REALTORS ® estimates that as many as 180,000 buyers who went under contract before April 30 could miss out on the credit without an extension.
Proponents of the Bill are still pushing but it’s going to be a challenge this late in the game.
The best thing we can do for our buyers who are going to suffer the loss of the credit is to contact our US Senators (and have our buyers contact them as well) urging swift action.
Find your U.S. Senator as well as an easy link to contacting him/her here. There may still be hope!
You can read the Real Estate Economy Watch article for more details as well as the possible implications if the deadline is not extended.
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Sad day for Arizona real estate! I believe there may be hope to revive it!