The measure now goes to the Senate, which last week defeated a bill that contained a similar amendment. The outcome of the Senate vote is seen as uncertain.
If the extension passes in the Senate, it would give homebuyers who were under contract by April 30 more time to complete their sales. The National Association of Realtors estimates that as many as 180,000 buyers could miss out on the credit without an extension because of circumstances beyond their control. Short Sale and REO transactions are holding up many of these closings.
"Unfortunately,Â the original piece of legislation ended up being very controversial," says Dave Liniger, RE/MAX Chairman and Co-Founder. "We're optimistic after the House vote, but we also know there's no guarantee the Senate will follow suit."
NAR reported June 25 that its representatives are working very closely with key members of Congress and the Senate on the extension.
Linger adds that homebuyers can get involved by contacting their U.S. senators and urging swift action.