From the Associated Press – This just in.
WASHINGTON — Homebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday. The bill would give buyers until Sept. 30 to complete their purchases. The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the Wednesday deadline.
“We owe this to the people who have essentially followed the rules who are caught by a closing date,” said Rep. Sander Levin, D-Mich., chairman of the House Ways and Means Committee.
The Realtors group says the tax credit has generated 1 million new home sales that wouldn’t have happened otherwise………..
Really?
Of course none of this comes as any real surprise for us. But as Greg celebrates the inception and blossoming of Bloodhound Blog, and as I consider the many faceted Yogi Berra and what he would say concerning this about face in policy, I can only share the following video. It’s a microcosm of Congress and NAR, much funnier, and certainly something Yogi would like.
Greg Swann says:
Unbelievable… I knew they’d do it. Weeks ago, I told clients to expect it. But still…
June 29, 2010 — 5:13 pm
Sean Purcell says:
That video has me rolling on the floor – microcosm indeed! Great post Don, thanks.
June 29, 2010 — 10:29 pm
Jess Robinson says:
Funny stuff. That’s Pat Cashman, a Seattle perennial.
June 30, 2010 — 7:06 am
Scott Cowan says:
Don,
Great video thanks for the reminder of my youth when we would watch Almost Live every week. I found this clip that ties into your clip. Somehow it all makes sense in a strange way!
June 30, 2010 — 7:50 am
Jeff Brown says:
Coffee and a belly laugh, best way to start the morning.
June 30, 2010 — 7:58 am
Greg Swann says:
So who knows the status of this thing? Is the House bill identical to the Senate bill passed last week? Has Obama signed anything?
June 30, 2010 — 8:49 am
Don Reedy says:
Greg.
This is the most recent I could find.
Not done unless and until the Senate can approve and get to Obama……most likely today….or not at all.
June 30, 2010 — 9:12 am
Greg Swann says:
The vote was dismaying. From the Arizona delegation, only Jeff Flake, one-time chief economist for the Goldwater Institute, voted against it.
Less than 12 hours left in the day, EST, to dodge the bullet. If we do, we’ll only have to wait another month to find out what the real estate market is really doing — that is, with only the immortal market intrusions in place.
June 30, 2010 — 9:30 am
Don Reedy says:
Don’t lose sight of what I’m trying to say here. It’s yes/no, can/can’t, will/won’t, are/aren’t, now/later, true/false……ad nauseam for our Congress and NAR.
But here, the latest, as of 1930 hours PDT:
As I said in the title, Yogi can only take a seat in the back of the bus to these guys and gals……..
June 30, 2010 — 7:31 pm
Marc Knight says:
I knew it was coming, the House would make sure that they don’t draw the ire of the public by extending the deadline. I wonder what they would do to the 14,132 individuals who received erroneous Home Buyer Tax Credits amounting to at least $26.7 million. Anyway, thanks for the video, very funny…
July 1, 2010 — 8:26 am
Kristal Kraft says:
You nailed that one with the video! Still giggling here…
July 1, 2010 — 8:51 pm