As you may have heard, the real estate industry received a big win today when President Obama signed two important pieces of legislation into law.

The first one extends the closing deadline for the homebuyer tax credit until September 30, 2010, for any transactions that had ratified contracts in place as of April 30, 2010, but have not yet closed. Previous blog was about the Senate approval...Now that the President has signed it is official naitionally. Real estate agents working with buyers who fit into this category, please let them know about the extended deadline.

In addition, the National Flood Insurance Program, which provides flood insurance to homeowners in participating communities in flood-prone areas who could not otherwise obtain coverage due to cost or ineligibility, was also extended until September 30, 2010. As a result, buyers in these areas can now obtain mortgages and transactions can move forward. This bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.

If you or anyone you know is interested in purchasing real estate, please:
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Senate Passes Home Buyer Tax Credit Extension

Recently the United States Senate approved an amendment to HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010, which would extend the homebuyer tax credit closing date deadline from June 30, 2010 to September 30 2010.

The amendment applies only to purchasers who have satisfied the April 30 binding contract rule for the $8,000 & $6500 tax credits and creates no new eligibility. Before the Senate bill can be sent to the president for final approval, it must be reconciled with the House legislation. (Source NAR/NJAR)

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California Association of Realtors Calls for the Extension of the Tax Credit

C.A.R. calls for swift adoption of Dodd-Lieberman-Isakson amendment to extend home buyer tax credit LOS ANGELES (Oct. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today called for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend and amplify the hugely successful first-time home buyer tax credit until June 30, 2010.

“The success of the home buyer tax credit and its positive impact on the real estate market is clear,” said C.A.R. President James Liptak. “According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market’s recovery in California.

“The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers,” he said. “The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.

“We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment,” Liptak said.

Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.


SOURCE: CAR newlsletter: Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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Tax Credit Deadline Fast Approaching

The combination of the $8,000 tax credit and affordable home prices has created one of the best times in recent memory for first-time buyers to purchase a home. Yet, those who want to take advantage of the tax credit have virtually no time left to spare.


It's now-or-never for first-time buyers, who must get under contract quickly in order to close in time to meet the Nov. 30 deadline for the $8,000 tax credit.

Call Clara today at 856-264-1058 for more information.

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