Harry Reid, Senate Majority Leader, announced his intensions to extend the Homebuyers Tax Credit by three months, in order to allow homebuyers that might not meet the closing deadline of June 30th, some extra time.

The Homebuyer Tax Credit, a government run program that offered up to $8,000 in tax credit fundsto qualified first time homebuyers as well as up to $6,500 for qualified homeowners looking to purchase another home, expired during the spring. A stipulation in the program stated that contracts must be signed by April 30th of this year and purchases must be complete by June 30th. According to the National Association of Realtors (NAR), an estimated 100,000 homebuyers are not expected to meet the June 30th deadline.