TAX NEWS - 
2010
Home Buyer Tax Credit Extension: Here's How Many Home Buyers Will Lose Out
According to the National Association of Realtors (NAR), up to 180,000 home buyers will lose their home buyer tax credit through no fault of their own if Congress fails to pass an extension to the home buyer tax credit by June 30 when the closing deadline expires.
In a press release issued today, the Realtors conclude that home buyers in every state will be affected, from 390 in Wyoming to 17,700 in California, according to new estimates.
"We are strongly urging the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers," said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.
"These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays such as lapses in the National Flood Insurance Program, Rural Housing Service, and new home construction, and might not be able to complete the purchase of their homes by the current deadline," said Golder. "It would be a tragedy for them not to be able to complete the purchase in time to claim the credit."
The Realtors issued the following state-by-state estimate of the number of home sales that would be delayed beyond the June 30 deadline; numbers are rounded to the nearest 10:
Alabama, 2,590
Alaska, 830
Arizona, 5,440
Arkansas, 2,090
California, 17,700
Colorado, 3,390
Connecticut, 1,770
Delaware, 400
District of Columbia, 300
Florida, 14,830
Georgia, 6,270
Hawaii, 710
Idaho, 1,270
Illinois, 7,030
Indiana, 3,560
Iowa, 2,030
Kansas, 1,840
Kentucky, 2,540
Louisiana,1,800
Maine, 840
Maryland, 2,630
Massachusetts, 3,930
Michigan, 6,470
Minnesota, 3,760
Mississippi, 1,530
Missouri, 3,600
Montana, 760
Nebraska, 1,110
Nevada, 3,800
New Hampshire, 690
New Jersey, 4,300;
New Mexico, 1,160
New York, 9,190
North Carolina, 4,890
North Dakota, 460
Ohio, 8,510
Oklahoma, 2,760
Oregon, 2,090
Pennsylvania, 5,830
Rhode Island, 500
South Carolina, 2,460
South Dakota, 500
Tennessee, 3,910
Texas, 15,340
Utah, 1,130
Vermont, 400
Virginia, 3,890
Washington, 3,190
West Virginia, 940
Wisconsin, 2,690
Wyoming, 390
I've heard from a number of Realtors who say their buyers have contingencies allowing them to back out of their purchase contracts penalty-free if they can't be assured they'll collect their home buyer tax credit.
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