The United States Senate is moving to extend the closing deadline for home buyers to take advantage of the Real Estate Tax Credit. Portland Home Buyers and those in short sales and foreclosures transactions are anxiously awaiting the latest news on whether the House will approve the Bill. The local housing Recovery is still in its nascent stages and the extension of the tax credit is seen by many industry experts as adding some much needed stability to the housing market; time will tell if it works or not.
Portland Real Estate Tax Credits
The United States Senate has amended a bill to give home-buyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit. Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 home-buyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.
The Portland Real Estate recovery is happening now, and many agree that extending the real estate tax credit will certainly make a sustainable transition more smooth. The amendment to HR 4213, the “American Jobs and Closing Tax Loopholes Act of 2010” — which primarily extends unemployment insurance benefits — was approved in a 60-37 vote last Wednesday. The vote was mostly along party lines, with only four Republicans in favor and one Democrat opposed.