June 30 tax credit closing deadline still in place unless Congress acts

Up to 180,000 homebuyers will lose their tax credit because they are unable to close by the June 30 deadline, according to estimates released yesterday the National Association of REALTORS®. The estimates include state figures showing 7,030 Illinois homebuyers who qualified for the tax credit by signing a contract to purchase a home by April 30 will be unable to close by June 30 due to delays from the sheer volume of transactions in the pipeline.

NAR is advising its members to “to proceed as if the June 30, 2010 date is binding.”

REALTORS® continue to lobby for an extension of the closing deadline for those who already qualifed for the homebuyer tax credit.

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