The real estate lobby has been petitioning Congress to extend the homebuyer tax credit closing deadline past June 30 because the program worked too well.

The last-minute rush of homebuyers in April caused a log jam at lenders and real estate service companies that is still not unclogged. The concern is that many of those buyers will head for the door if they miss the June 30 deadline.

NARs says up to 75,000 homebuyers are at risk of losing their tax credit if the deadline remains at June 30.

There is now a measure in the Senate to give buyers three more months – until Sept. 30 – to close on their April contracts. The measure is attached to a job-related bill currently in the Senate, which needs to be passed by Congress and signed by the president to become effective.

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