LAST WEEK'S
NEWS STORY

Another homebuyer credit extension is heading to Obama’s desk. Under the new bill, first-time homebuyers would have up until Sept. 30 to close on a house, but had to have a signed contract by April 30. to receive the $8,000 credit. Existing homeowners also apply to this for the $6,500 credit. It has been passed by the Senate, and now Obama is expected to sign. Congress has been working on it for about a month now. It is expected that the deficit will be lowered by $9 million over the next decade, since it is offset by other arrangements.

The estimated 200,000 people that couldn't close by the original date, may have a saving Grace. This is good news in the way of short sales, due to the complexity of them.

The Senate had attempted to pass an earlier bill that combined the credit with an extension on unemployment benefits, but failed.