Congress Passes $8,000 Credit Extension

Congress has passed the bill to extend the $8,000 homebuyer tax credit, giving purchasers an additional three months to complete purchases for contracts that were ratified by April 30th. The bill now goes before President Obama, who has said he will sign the legislation. Buyers now have until September 30th to settle and qualify for the credit; the National Association of Realtors has said that up to 180,000 buyers would "lose their tax credit through no fault of their own" in a system that had gotten overwhelmed by the flurry of activity spawned by the credit. The bill does not affect homebuyers in Washington DC, who still qualify for the $5,000 tax credit.