Homebuyer Tax Credit Extended by House -- Again

With literally hours left before the June 30 deadline, the House has passed a bill to extend the homebuyer tax credit by an additional three months.

The bill now goes to the Senate, where a similar measure has been spearheaded by Senate Majority Leader Harry Reid. It could vote on the bill as early as tomorrow, barring any issues after the recent death of Sen. Robert Byrd.

But before you get your hopes up, keep in mind that only homebuyers who signed purchase agreements by April 30 will benefit from the extension. The National Association of Realtors estimates that this accounts for 180,000 homebuyers currently stuck in closing limbo.

"We owe this to the people who have essentially followed the rule who are caught by a closing date," said House Ways and Means Committee Chairman Sander Levin.

But what about the rest of us?