Homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. Senate Majority Leader Harry Reid, D-Nev., wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000.
The proposal is intended to for those who already have signed contracts to finish at the later date. Joining Sen. Reid, were Sen. Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn. There is preassure from the constituents of Se. Reid who faces the highest foreclure rate in the nation. Also, the National Association of Realtors has been pushing hard in Congress for the extension.
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