Home Buyer Tax Credit Extension: Here's How Many Home Buyers Will Lose Out

(MoneyWatch)  Updated June 29, 2010: The House voted 409-5 today to extend the home buyer tax credit closing date until September 30, 2010. The Senate had previously voted to extend the tax credit closing date.
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.

Is that happening to you?

Read More:

• Another Home Buyer Tax Credit Extension
• Home Buyer Tax Credits: Hitting The Wall At 60MPH
• Are the Home Buyer Tax Credits Failing?
• Housing Market Predictions for 2010: How Good Will It Get?
• Tax Credit Daze: Why It Might Take Months To Get Your Home Buyer Tax Credit Cash
• Are You In Loan Modification Hell? Join The Club
• Are The Home Buyer Tax Credits Failing?
• 2010 Will Start With Strong Home Sales. But What Happens After The Home Buyer Tax Credits End?
• Home Buyer Tax Credit - How To Cash In

Ilyce R. Glink is the bestselling author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!.
She blogs about money and real estate at ThinkGlink.com.