The Senate has passed an amendment to extend the closing date deadline for anyone who previously qualified for a tax credit. The Bill the amendment is attached to still needs to be passed by the Senate. After that another couple more steps of red tape, but all signs point to an extension for qualified buyers and sellers.

This will be especially good news  if you’re navigating the often frustrating waters of a short sale… 

The deadline will be extended from June 30, 2010 to September 30, 2010.

Real estate activity in April was significantly higher than a normal April, heck, even a normal July. As the dust settles and all closings take place we’ll be able to see the net effect in the overall market.

As we wait, here’s a current snapshot of activity between 2009-2010:

  • Number of closings from May 1, 2010 – June 16, 2010: 85
  • Number of closings from May 1, 2009 – June 16, 2009: 58

After a little math that equates to a 47% increase!

Hopefully this extension will allow a few of you sleep a little easier.

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Written by Adam Holberg — Castle Rock Lake Real Estate Agent. You can call/text me at 608-542-0178 or send me an email at holberga [at] firstweber [dot] com.

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