Greetings neighbors,

The First Time Home Buyers Tax Credit and its extension seem to still be the topic of discussion. According to a recent article on HousingWire.com, Senator Harry Reid (D-NV) is now calling for an additional extension and has recently introduced an amendment to the Senate that would extend the ever so popular tax credit an additional 3 months.

One of the main reasons in Reid's decision to introduce the amendment was to allow more time for the home purchasing process to complete. Due to the amount of time needed for banks to fully complete shorts sales, there's a chance home sales may not be completed before the deadline.

With the recent Home Buyers Tax Credit that just expired, qualifying home purchases needed to be under contract by April 30th and actually closed by June 30th which is just around the corner. Reid's proposed amendment would push the closing deadline to Sept. 30, 2010. This would provide a better chance for qualified sales to close.

In addition, to Senator Reid, both Senators Johnny Isakson (R-GA) and Chris Dodd (D-CT) co-sponsored and supported the amendment.