Tax credit extension

Hot off the presses from the Maine Association of Realtors...

"CONGRESS PASSES TAX CREDIT CLOSING DATE AND NFIP EXTENSIONS: A few minutes ago, the US Senate voted unanimously to extend the tax credit closing date and the National Flood Insurance Program (NFIP) to September 30. From NAR: "After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension - the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. Additionally, the Senate has passed an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward.The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension."

Good news for those buyers and sellers who had their closings delayed! I heard anecdotally that it helps 180,000 deals in the US.