If Congress does not vote to extend the closing period, NAR states that close to 200,000 homebuyers will lose out on the tax credit through no fault of their own.

According to Lawrence Yun, NAR's chief economist, "Approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales."

He added that "many potential sales are being delayed by an interruption in the National Flood Insurance Program. Florida and Louisiana, also impacted by the oil spill, have the highest percentage of homes that require flood insurance."