As I mentioned last week Congress is working hard to pass a bill that would extend the deadline on the Federal Tax Credit. 

On June 16, 2010 the Senate passed this amendment to extend the closing date deadline of the Home Buyer Tax Credit to September 30, 2010. (You still had to be under contract by April 30).   So this will only help those who are being detained by the banks dragging their feet or some other obstacle.  The vote was 60-37. The entire bill the amendment is attached to has not yet passed the Senate. The House passed the bill previously. Once the BILL passes the Senate, the differences between the House and Senate versions must be reconciled, then the House votes on the reconciled bill and then, and only then, it would be delivered to the President to sign into law.  So, it could still take several days if not weeks before we have a definitive on this bill.   Although, this could be good news for people who would otherwise loose the $8,000 due to unforeseen circumstance; it is not the kind of bill that will help first time home buyers who do not already have a house under contract. 

Steve Hillyer