The congress has extended the home buyer tax incentive closing date to September 30th. For everyone that met the initial guidelines and was under contract by June 30th but were unable to get the transaction closed, you now have a few more months to get the deal finalized. Mostly this applies to short sales since anyone under contract with a “normal sale” by april 30th is probably closed! ( yes there are exceptios, but now they can get it done too!)
There will be no gap between June 30 and the date the President signs the bill into law. It appears for now, that since California’s money is just about spent, that there might not be another round. The housing market is now left to make it on its own.
If you need all of the details on the federal tax credit, visit this site. For information on the California credit (technically still available) you can get all of the information here
More tomorrow,
Alan