Federal Tax Credit Extension Not What Was Expected…

July 2, 2010 by lourie

While Congress and the President think that the current status of the Federal Home Buyer’s Tax Credit is a great thing…the rest of the country, including real estate agents, brokers, builders and economists says it falls short!  Does it help the estimated 180,000 home buyers who had a contract accepted by April 30th but couldn’t close by June 30th?  Certainly,  it extends their deadline to September 30…that is if the President signs the new legislation…but it does nothing for those buyers who were, for one reason or another, either not ready to purchase or not yet qualified. 

In my opinion, there is no reason that the entire program should not have been extended…including unemployment benefits!  Our entire economic recovery could be on the verge of tumbling backwords if buyers don’t see the benefits of purchasing without the advantage of the Tax Credit.  It almost seems unfair to the thousands of ready…willing…and able buyers that are currently considering purchasing.  As for this seasoned real estate agent…the fact that home values continue to fall, is a huge indication that we need more than lower interest rates if we hope to see a turn around in this lack luster market!

1 Comment

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    Comment by Stop Foreclosure — July 16, 2010 @ 3:20 am

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