First-time home-buyer tax credit of up to $8,000 is expiring in November. Should this program be extended or expanded to all home buyers? Should it be increased to $15,000? Was is a temporary fix or has it helped the economy? What's your view?

Art Of Saving
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Aug 27, 2009 by Art Of Saving
Category: Real Estate

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Beth Williamson
0 Votes
Advisor: Beth Williamson, Real Estate
Dec 29, 2009  
It has been very good for Central Pa! We are getting our 2nd wave of buyers now that its been expanded and extended.
Mark Goldman
2 Votes
Advisor: Mark Goldman, Home Loans
Aug 28, 2009  
At first blush, free money (tax credits) are always appealing. But, we are at a point of national debt where we must consider the cost and benefit of every dollar borrowed to stimulate our economy. I do not think we get a big enough return on our investment with this program. It locks the tax credit into a home without creating a stream of future additional economic benefits. I will post an article (at artofsaving.com) that future explains my thinking.
Sanda Hnatjuk-Bahic
1 Votes
Advisor: Sanda Hnatjuk-Bahic, Real Estate
Aug 27, 2009  
Expiration date on the tax credit created urgency this year and jump start Real Estate and all related sections of thew economy. It would be great if we can get it again for the next year.
Brian Gibbons
0 Votes
Advisor: Brian Gibbons, Real Estate
Aug 27, 2009  
I think it should be for all buyers, and it should be a percentage of the appraisal price. California and Alabama are certainly not the same "first home buyer" market prices. And many states are regional, such as LA and desert California. Does $8K do much in SF or NY or Boston?
Sandy Cary
1 Votes
Advisor: Sandy Cary, Real Estate
Aug 27, 2009  
I am all for the tax credit being extended. It would be nice to see it expanded to all home buyers. I agree with the $8,000 maximum amount.
Trudi Sponder
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Trudi Sponder
Aug 27, 2009  
I helped Real Estate and I think Real Estate needs to turn around in order for the country to turn around
Bill Gassett
0 Votes
Advisor: Bill Gassett, Real Estate
Aug 27, 2009  
My bet is that the tax credit will be extended beyond the current November deadline. It has helped move some of the lower end inventory and the overall market in general, as it creates a domino effect for those who are selling homes to be able to move up to the next price level.
Mark Brian
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Mark Brian
Aug 27, 2009  
It would have been more effective if it had applied to all buyers as far as stimulating the housing market. It would help the housing market to extend it, allow all buyers to be eligible, and increase it--BUT the economy must recover with banks lending money, unemployment numbers decreasing, consumer confidence increasing, and the number of foreclosures decreasing.
James Mollica
0 Votes
Advisor: James Mollica, Home Loans
Aug 27, 2009  
Current credit should be extended as is
Sally K. Hanson
1 Votes
Advisor: Sally K. Hanson, Real Estate
Aug 27, 2009  
Extended...hmmm..maybe revised...extensions give people the impression it will last forever and that takes away the urgency to buy...which is of course, the point of it all.
TEO PALMIERI
0 Votes
TEO PALMIERI
Aug 27, 2009  
I think the program it should be extended for at least another year, till December 31 2010 , to help buyers and the economy to recover. The amount of $8,000 is fine, we don't want to get caught in the same mistakes from the past.