With the stroke of his pen the President of the United States has extended the deadline for first time home buyers to close their real estate transactions to September 30, 2010.
As with the 
old deadline, the extension only applies to home buyers that were under contract on or before April 30, 2010.
The extension will allow an estimated 180,000 first time home buyers, many of whom are in the Lake Oroville and Paradise real estate markets, whose loans got caught up in the backlog of files that lenders encountered by being less than prepared for the easily foreseeable crunch of home loans that resulted from buyers making a mad dash to beat the April 30th contract deadline.
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