‘Too Big to Fail’ a close call?
Another Too Big to Fail happens today, unless the closing date, June 30th of the Homeowner Tax Credit, is extended. It’s reported over 180,000 properties that are under contrat need to close today or they all go back on the market July 1st, further increasing the inventories of homes for sale. This would be a big blow to the fragile real estate market trying to reduce inventory and get back to normal sales.
The House of Representatives on Tuesday backed by a vote of 409-5 a measure to extend the closing deadline to September 30 for buyers who already met the April 30 deadline to have a signed contract.
More news will come out today.
July 2nd, 2010 at 10:17 am
July 2, 2010
WASHINGTON — President Barack Obama signed Friday morning a three-month extension on the deadline for home buyers to obtain a federal home-buyer tax credit of up to $8,000.
Buyers now have until Sept. 30 to close on a home sale to be eligible for the credit. The closing deadline was originally June 30. To be eligible, buyers need a contract that was in place by April 30.