Yesterday, the House pushed through a three month closing extension of the homebuyer tax credit. Tonight, the Senate unanimously approved the bill — leaving the President to ratify the provision by signing it into law, as early as tomorrow morning. “I thank my colleagues for joining me to pass this important extension and giving homebuyers in Nevada and around the country the opportunity to purchase their first home,” said Sen Harry Reid (D-NV), in a statement following the bill’s passage. “In addition to helping thousands of families experience the American dream, this successful and popular program provides a much needed boost to Nevada’s housing market and economy.” The deadline for the tax credit was midnight tonight but only if the mortgage went through, so with Obama’s signature, it would have been possible that no contracts currently under offer — but unable to close — would fall through the cracks with the extended deadline. The Senate approved provision will give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. If the President signs the bill into law tomorrow, it is unclear if the provision will apply retroactively to deals that close on Thursday, July 1. Write to Jacob Gaffney.
Most Popular Articles
RE/MAX is accelerating the integration of AI and cutting-edge technology to transform how agents engage with clients, generate leads, and deliver results. Initiatives like Max AI, MaxRefer, MaxEngage, and HomeView leverage real-time data, personalized marketing, and AI-driven tools to streamline the homeownership experience and empower its agents. Leading this innovation is Travis Saxton, EVP of Strategy at RE/MAX, who has spearheaded the rollout of these technologies, including AI-powered training through Sky AI and SkyStudio, redefining the future of real estate by combining human connection with next-generation tools.
Latest Articles
In information security, we’ve long spoken about resilience. The goal has been to withstand an attack, recover quickly, and return to business as usual. But in today’s environment—where attackers adapt and evolve daily—resilience is no longer enough. We must go further. We must embrace antifragility.
-
From local to global: RE/MAX’s Chris Lim on the next era of real estate relationships
-
Stop marketing like it’s 2008: You’re invisible
-
RE/MAX accelerates real estate innovation with AI and technology
-
Retirement plans for small-business owners have visible generational gaps
-
VA loans rise as housing market shifts toward buyers