Did you miss it? Near the bottom of today’s press release about the NAR Pending Home Sales Index figures for April 2010 was this tasty little nugget:
“However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of homebuyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30.” Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.
We haven’t seen any mention of this elsewhere, but we’ll be watching extra carefully for details.