Home Buyer Tax Credit Officially Extended Until September 30th

Good news for the North Scottsdale real estate market, the Senate and House have each passed legislation extending the First Time Home Buyer Tax Credit and the Move Up / Repeat Home Buyer Tax Credit through September 30th, 2010. This came in at the final wire last night as the tax credit was previously set to end on June 30th (yesterday).

These credits are for first time home buyers and repeat home buyers that qualify and were under contract to purchase real estate prior to April 30th, 2010. Those individuals will now have extra time to close their transactions. A lot of those deals were not closed on time through no fault of the seller or buyer. The mortgage companies have been backed up causing a lot of buyers’ financing delays. As well, some of those transactions are short sales and those are notoriously slow because of the Sellers’ lender(s) short sale process, which takes on average between 60-90 days but often can take much longer.

Here is the actual legislation passed by the Senate and House of Representatives:

Home Buyer Tax Credit Extended

What is your opinion of the tax credit extension and the tax credits as a whole? Leave a comment below!

Tagged as: First Time Home Buyer Tax Credit, first time home buyer tax credit extended, move up tax credit, North Scottsdale Real Estate, repeat tax credit, tax credit extended through september 30, tax credit extension, The Precision Team