Hello neighbors,

As many may already know, the House of Representatives recently introduced and passed a proposal for the extension of the closing deadline for buyers wanting to take advantage of the $8000 tax credit.

With the original closing deadline of June 30th, the Home Buyers Assistance Act of 2010 would extend the closing deadline another 3 months to September 30, 2010 (midnight), on contracts signed by the midnight April 30th deadline.

The National Association of Realtors predicts at least 180,000 will "bust" the June 30th deadline. The next step for the proposal is for it to be forwarded to the Senate.

Even with the extension, there is still a possibility that some closings will not make it due to some contracts stating the deal must be closed by June 30th.

The vote passed by a number of 409 to 4 in which 18 members did not vote.