Posted by ikando on 6/23/10 2:53pm
Msg #342158

End of the First-Time Buyer rebate

Anybody doing these at the last minute? My tax accountant husband asked me if I'd received any calls since the program ends on 6/30.

Reply by taxpro on 6/23/10 3:01pm
Msg #342161

Latest news is that lawmakers are considering extending the deadline on closing these purchases to Sept 30. The contract deadline of April 30 will stand. This is just to allow those who signed by April 30 more time to close. There's a backlog of loans that they can't get processed in time for the June 30 deadline. Lawmakers don't want those buyers to lose the credit due to lenders' delays. No final word on that yet.

Reply by Michael Edmonds on 6/23/10 3:43pm
Msg #342175

Sales down 33% since end of rebate worse monthly drop

More to come..

Reply by MikeC/NY on 6/23/10 5:02pm
Msg #342201

Those are new construction, not resales...

... and it's a national number. You've got some areas that were hit very hard, and others that are doing better. The media always tries to put the worst possible spin on everything.

Reply by MikeC/NY on 6/23/10 5:09pm
Msg #342206

There's an amendment to a current bill with that will extend the closing deadline, but that bill has not yet passed the Senate. If and when it does, it will also have to be approved by the House. Chances are good, but time is running out (maybe they'll make it retroactive).

I know that lenders are getting slammed right now trying to beat the 6/30 deadline. They should take all these loans clogging the pipeline and stuff them into that leaking well in the Gulf - that would solve the problem...