House passes homebuyer tax credit extension

The National Realtors Association is pushing for the extension because up to 180,000 homebuyers are in jeopardy of losing the tax credit without an extension. 

The legislation also would crack down on fraud identified in a recent report by the Treasury Inspector General for Tax Administration.

Today’s legislation helps ensure the credit works for people who followed the terms of the incentive and need a little more time to close on their pending contracts," said House Ways and Means Chairman Sander Levin (D-Mich.).