The Veritas Real Estate Group, Inc.

For those eligible  buyers who had a signed real estate contract in effect by April 30, 2010  the tax credit closing date was extended from April 30, 2010 to September 30, 2010. This should help many of the buyers whose closing was delayed due to short sale negotiations and who could not close because they could not get a flood insurance policy.

The federal flood insurance program was extended until September 30, 2010. Apparently there were so many claims because of the damage caused by Katrina, that the program is operating at a severe deficit and I guess these intermittent extensions will continue until the Congress figures out how to handle the matter. But meanwhile, much of Florida is in a flood zone and we cannot close on many single family home purchases that are being financed without the insurance being available because it is too risky for the lenders.

So let's hope the lawmakers get their act together and provide a more permanent type of relief to those of us living on this peninsula we call Florida. They are helping to slow our housing recoevery with their inactivity and failure to refund the program. More than once they have recessed without renewing the program and left us unable to close on home sales. Give us a break. We are hurting enough down here.