NAR urges congress to take action, gets mixed reviews

National Association of Realtors’ move:

This spring, many homes were sold prior to the April 30th expiration of the home buyer tax credits and the market took an upswing, but many fear that because these homes must close by June 30th, some buyers will not be granted the tax credit given that the timeliness of the lending process isn’t consistent.

Last week with news of improving pending home sales, we reported that the NAR has “asked Congress to provide flexibility on the deadline for closing” to help the buyers keep the tax incentives and Realtors can keep their deals from falling apart under conditions they cannot control.

Mixed reviews:

The news of NAR urging congress to take action has received mixed reviews with some bloggers crying foul and others supporting the move.

Real estate blogger Tom Royce said, “The reality is that when a business needs the government subsidies to function, it is not in a really good place. We all want the housing market to rebound. Agents, homeowners, potential homeowners, everyone.”

Despite how this extension makes the real estate sector appear, others are supporting the move for the sheer fact that loan officers are up against unprecedented difficulties in getting loans processed and most of it is outside the control of Realtors and their clients.

Most have strong feelings about NAR’s asking congress to extend the closing period for home buyers’ tax credits- do you support the move or do you not? We welcome you to comment below with your thoughts.

CC Licensed image courtesy of sheep purple via Flickr.com.