Top 10 states for pending tax credit closings

The National Association of Realtors continued to lobby lawmakers today to pass legislation that would extend by three months the deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.

Unless Congress extends the deadline, homebuyers who were under contract by April 30 must close by Wednesday in order to claim the credit.

"We are holding our breath," said NAR spokesman Lucien Salvant, with lobbyists concentrating on the Senate. There are basically two options — attach an amendment to a noncontroversial bill that’s passage is certain, or pass standalone legislation.

The Senate on June 16 amended a bill that would have extended the deadline for closing to Sept. 30, but other provisions of HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010," sparked a larger debate about deficit spending. Debate over the bill isn’t expected to resume until after Congress comes back from its July 4 recess (see story).

NAR estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline. To prod lawmakers into find a way to extend the deadline, NAR released a breakdown of how many home purchases are affected in each state.

Following is a list of states, ranked by volume of sales under contract by April 30 that may miss the closing deadline to receive the tax credit:

Source: National Association of Realtors.