Associated Press reports that President Barack Obama passed a bill that gave three extra months for buyers qualified for the homebuyer tax credit to close their deals. The House approved this bill on Tuesday while the Senate unanimously chose to pass it Wednesday night before it was sent to President Obama.

Homebuyers will now have until September 30 to close their purchases in order to receive "tax credits of up to $8,000." It only allows those who "already have signed contracts to finish at the later date."

National Association of Realtors estimated that about 180,000 buyers were in need of this extension and possibly would have walked away from their purchases without it. For example, Ron Phipps of Phipps Realty noted that some had put "put clauses in their contracts that let them out of the deal" if the original June 30^th deadline wasn't extended. Homebuyers can now be relieved that this won't be the case.

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