Extension of Tax Credit Clears One Hurdle

The United States House of Representatives has just passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5. This bill extends the deadline for closing tax credit eligible transactions from June 30 to September, 30, 2010. The bill moves to the Senate where the outcome is much less certain. NAR will continue to provide updates as the events move forward.