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Ron & Diana…, Real Estate Pro in 53158

I thought I heard on the news last night that the $8,000 tax credit has been extended. Can anyone confirm that???

Asked by Ron & Diana Dahlberg, 53158 Wed Jun 30, 2010

With the close of June 30th upon us ... many buyers and sellers are asking if the Homebuyer Stimulus will be extended? There are many rumors ... just need to get some real answers. Awaiting a response from anyone in the "Know!" Thanks!

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Ron & Diana,
I received this e-mail earlier this afternoon. An additional concern to many of us is the flood insurance extension. All the best. -Maggie Hawk

Subject: Update from Washington

Both of our issues are very much in play in the US Senate - the flood insurance (NFIP) extension and the Tax Credit extension are moving in two separate bills. There are stand alone bills to extend both of these until September 30th. Those stand alone bills have both passed the House and just need a Senate vote. Both extensions remain part of the larger omnibus tax extenders bill as well. That larger bill extends unemployment benefits (among other things) and Republicans in the US Senate won’t agree to the unemployment benefits extension until Democrats say how they’ll pay for it. We are held hostage at the moment because of these unemployment benefits but negotiations are ongoing off the floor.

NAR is pushing as hard as they can for a vote this afternoon. We know that there are 14,830 transactions in Florida that were under contract by the April 30th deadline and have not closed. Both Senator Nelson and Senator LeMieux are well aware of this number.

Again, I know everyone is craving information and so are we. You can see the full Senate floor schedule via this link: http://democrats.senate.gov/calendar/2010-06.html

You can also watch live coverage of the Senate on C-Span 2: http://cspan.org/Watch/C-SPAN2.aspx.

The Senate just voted on the General Petraeus nomination and the schedule shows them going back to the Extenders bill. Senator DeMint from South Carolina is speaking against the tax credit extension at this very moment. If there is still no deal on the extenders package they will likely skip over it and come back to it later. The Senate is well known for working late into the night. Please encourage your buyers to hold on! While we want these votes today, there is always the chance it falls to tomorrow.

Also of note is that there will be Memorial observances for Senator Byrd from 10-4pm tomorrow, July 1. The Senate will not be in session during that entire timeframe.

I promise I will send any additional morsel of information as I get it.



John S

___________________________



John M. Sebree, DPL

Vice President of Public Policy | Florida Realtors®

P.O. Box 1853

Tallahassee, FL 32302

talk: 850-224-1400

visit: http://www.floridarealtors.org
1 vote Thank Flag Link Wed Jun 30, 2010
Colleagues, here's the link with info on the extention.

http://www.realtor.org/government_affairs
0 votes Thank Flag Link Thu Jul 1, 2010
a stand alone extension DID PASS - now it's on to the president for his signature!

It passed the Senate by unanimous voice vote. President Barack Obama is expected to sign the homebuyer measure, which the House passed earlier this week.

http://www.foxbusiness.com/story/markets/industries/finance/…
0 votes Thank Flag Link Thu Jul 1, 2010
This just in:
Tax Credit Extension Fails

(June 30) — At approximately 8:15 p.m. Central time, the Senate failed to cut off debate and vote on the unemployment bill that includes an extension of the closing portion of the homebuyer tax credit.

There is still the very slim possibility that the Senate could take up the tax credit extension separately or as part of a few other bills. If you have buyers with deals pending, NAR urges you to encourage them to retain their paperwork in the event lawmakers pass the tax credit extension retroactively.
0 votes Thank Flag Link Wed Jun 30, 2010
If there is still time, email your senator and representative to vote against this extension and GET OUT of the business of interfering in the free market. It was Congress pressuring FNMA, Freddie Mac and the banks to make loans to unqualified borrowers that created the mortgage mess and the real estate meltdown. The ship may have left the dock, but at some point the government has to let the free market work. The banks aren't totally blameless, but Congress is the primary cause of our problems today.
0 votes Thank Flag Link Wed Jun 30, 2010
It has not received a final vote yet. This extension is ONLY for those who were in contract by April 30th. There have been delays in mortgage co's, appraisers, etc. gettin their work done in time for the June 30th deadline.
0 votes Thank Flag Link Wed Jun 30, 2010
This thing must be changing by the hour! Our goverment at work I guess!???
0 votes Thank Flag Link Wed Jun 30, 2010
The extension is still under consideration by the Senate as of noon today.
0 votes Thank Flag Link Wed Jun 30, 2010
Ron-Diana:

Here is a snipet of info that was in my email update this morning!


An amendment that would have extended the closing deadline for the homebuyer tax credit by three months failed on the Senate floor this week. Senate Majority Leader Harry Reid (D-Nevada) proposed the extension, and the amendment itself was approved by a large margin last week as an add-on to H.R. 4213, the American Jobs and Tax Loopholes Act. The amendment would have extended the tax credit deadline for closing on a home purchase to September 30. The current deadline is June 30. The tax credit amendment was just one piece of the multi-faceted bill that was primarily intended to extend unemployment benefits for Americans out of work for more than six months.

Source: DSNews.com, Carrie Bay, (06/25/2010)


Hope this helps to clear all of the rumors!


Duane Murphy
Coldwell Banker The Real Estate Group, Inc.
Web Reference: http://www.duanemurphy.com
0 votes Thank Flag Link Wed Jun 30, 2010
My understanding is that what is being voted on is merely an extension to close for those buyers who had a contract dated on or before April 30. The tax credit itself is not is not being extended to new buyers.
0 votes Thank Flag Link Wed Jun 30, 2010
Not yet--as stated below it passed the House, now it's in the Senate's hands.
0 votes Thank Flag Link Wed Jun 30, 2010
It was reported in the business section of the Milwaukee Journal-Sentinel this morning that the House passed it. Now, the Senate must pass it, etc.
0 votes Thank Flag Link Wed Jun 30, 2010
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