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Homebuyers tax credit extension fails

A Senate jobless aid bill that included an amendment extending the homebuyers tax credit until September 30 failed to pass the Senate on June 24.

The vote was 57-41, three short of the 60 needed to beat a Republican filibuster.

The bill, H.R. 4123, included an amendment allowing homebuyers a three-month extension on the tax credit, allowing them until September 30 to close on a home. But the extension only applied to buyers who signed purchasing contracts before the original April 30 deadline.

The bill would have provided repeat homebuyers a $6,500 tax credit and first time homebuyers a $8,000 tax credit.

Last week, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced home sales fell 53 percent in May for the 13 western states of the U.S. Nationally, home sales dropped 33 percent over the same time period.

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