The Senate voted 60-37 today to extend the closing deadline of the home-buyer tax credit from June 30th to September 30th. The bill still needs passage by both chambers of Congress, but if successful will allow home buyers who signed a contract by April 30th to still get the full benefits of the home-buyer tax credit provided they settle by September 30th, 2010. This will be particularly helpful for those buyers who entered into short sale or REO (foreclosed) properties in the waning days of the 4/30 signing deadline, as many of those transactions will not be ready to settle by the end of this month.
The full MarketWatch article can be read here.
UPDATE: This is not effective law, as it has neither passed the House nor been signed by the President. See here for most current status.