After the Senate and the House passed a bill to extend the home buyer tax credit, it was passed on to President Barack Obama for a final signature, which he was expected to give. The homebuyer tax credit was originally set to expire June 30 for those who took out a mortgage loan and needed to close on their homes originally purchased by April 30.
However, with many foreclosures and short sales — which often take longer to close — being among the homes people purchased, Congress decided to extend the credit to Sept. 30 (CNN Money).
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