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First Call To Expand First Time Home Buyer Credit

Posted on August 22nd, 2009 12:34am by Candy Evans
Filed under real estate economics

And it comes from the senior vice president of Realogy Corp., parent corp to Better Homes and Gardens and Coldwell Banker. What do you think, shall we expand the first time home buyer credit beyond the Nov. 30 deadline?

6 Comments to “First Call To Expand First Time Home Buyer Credit”

Joe Quenet @ August 22nd, 2009 at 9:13 am

If this week’s NAR data is to believed.. the Gov’t needs to keep this program going. It’s estimated that 30% of July’s sales were to first timers. Rates are still sub 6%, the median price, at $178,400 is 51% less than last year’s… Best time in 40 years. Since it takes about 45 to 60 days from contract to close, if people think the program is ending the buying will stop now. Come on guys… they threw $3 billion at Cash for Clunkers. “Common sense”(in DC?) says keep it funded..
CarolynB @ August 22nd, 2009 at 8:47 pm

The added tax credit is definitely driving some addition buyers. I hope it is extended into the historically slower selling season (late Fall-Winter). From the beginning it should have included more Buyers-not just First Time Buyers. One of the hardest issues right now in the first time buyer market relates to financing when it comes to condos-most cannot satisfy the requirements to be underwritten by an FHA loan-a loan that a good fit for many first time buyers. Difficulties in obtaining financing is the driving factor in so many condos in Uptown still sitting on the market.
Becky Washam @ August 22nd, 2009 at 8:58 pm

The tax credit is definitely helping the housing market. Whether the additional deficit spending is worth it is a different question.
modterm @ August 23rd, 2009 at 7:50 pm

With the ability to get first-time buyers into homes at or cheaper than they were paying in rent – AND not in some squirrelly loans – the credit is definitely worth continuing. Especially with all of the related benefits when someone buys a home, the effects trickle down a long way.
Dave Millheiser @ August 24th, 2009 at 9:04 am

Absolutely!!
BF @ August 26th, 2009 at 4:08 pm

I agree with Becky. As a real estate professional I love the tax credit. But as a taxpayer, I wonder why I am subsidizing someone else’s housing. I’m sick of these special interests (automakers, auto dealers, real estate professionals, farmers, etc.)getting handouts from the taxpayers. Even the stupid $600 checks that the Bush administration sent everyone in 2008 make more sense – at least they were equitable.