Thursday, July 1, 2010

Another Patch Job for the Economy

Congress refuses to let the economy re-adjust (as a result of heavy lobbying, real heavy, from the real estate industry.)

At the eleventh hour, they passed an extension of the closing date on the home buyer tax credit. It was supposed to expire at midnight last night. The bill extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30 to receive the $8,000 tax credit for first-time homebuyers.

It's really less than a finger in a New Orleans dike.

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