socialmedian: Why the Home Buyer Tax Credit should be allowed to expire

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Why the Home Buyer Tax Credit should be allowed to expire

Source: WalletPop Blog

Nov 05, 2009

Summary

Filed under: Home, Real Estate, Mortgages, Taxes-advice

It appears Uncle Sam will keep propping up the still shaky real estate market for months to come. The Senate last night voted to extend the $8,000 first-time home buyers tax credit, and the House followed suit today. The president is expected to soon sign it into law.

But is the bill good for real estate? Not at all. What better way to fix a bubble caused by way too much home ownership than to encourage more home ownership?

Extending the home buyer tax credit is a bad idea because the real estate market doesn't need it. The panic phase of the housing crisis is essentially over. Americans know full well that house prices are no longer in free fall, but still have a ways to go before resembling anything close to a recovery.

Continue reading Why the Home Buyer Tax Credit should be allowed to expire

Why the Home Buyer Tax Credit should be allowed to expire originally appeared on WalletPop Blog on Thu, 05 Nov 2009 15:15:00 EST. Please see our terms for use of feeds.

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