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Should The $8000 First Time Homebuyer Credit Be Extended?
As we approach the expiration for the $8000 First Time Homebuyer Tax Credit (November 30, 2009), it would be a great idea to extend the tax credit until foreclosure activity has been dramatically slowed and home values improve.
As a real estate broker, I would like to see the tax credit extended. If by chance the tax credit is not extended, we could see a huge drop-off in real estate activity and this could have a devastating effect on any possible economic recovery. Real estate activity including ethical mortgage lending will lead to the recovery we are all seeking.
We have seen millions of sub-prime mortgage foreclosures and now we are beginning to see prime-mortgage foreclosures. And as I mentioned earlier, real estate affects every aspect of the economy including our manufacturing base, bank lending, and retail sales.
So, one possible solution to have the tax credit extended is to lobby your Local, State, and Federal representatives. I know this may sound like a long shot, but what do we have to lose? Everything!
Start lobbying! :-)
Vernon Parker
Managing Broker
Global Citizens Realty Inc.
847-471-4271
www.globalcitizensrealty.com
As a real estate broker, I would like to see the tax credit extended. If by chance the tax credit is not extended, we could see a huge drop-off in real estate activity and this could have a devastating effect on any possible economic recovery. Real estate activity including ethical mortgage lending will lead to the recovery we are all seeking.
We have seen millions of sub-prime mortgage foreclosures and now we are beginning to see prime-mortgage foreclosures. And as I mentioned earlier, real estate affects every aspect of the economy including our manufacturing base, bank lending, and retail sales.
So, one possible solution to have the tax credit extended is to lobby your Local, State, and Federal representatives. I know this may sound like a long shot, but what do we have to lose? Everything!
Start lobbying! :-)
Vernon Parker
Managing Broker
Global Citizens Realty Inc.
847-471-4271
www.globalcitizensrealty.com
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Comment
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Comment by tony SILLATO on September 10, 2009 at 6:16pm -
The imperative part of why the Credit should be extended is that we have such a backlog of Pending Sales out there.
Everyone is trying so hard to meet the deadline that what IF some of these pending sales dont close by then, why should someone who placed a contract in June 2009, close on Dec 2009 and be penalised.
Secondly, there is such an amount of inventory out there especially in the $ 200K and lower that needs to be absorbed by the buying public and the only possibility is to assist them with this Credit.
I believe that if extended to April 2010 AND with the expediting process from Banks to close all of these pending sales, we should be in a position to see the return of some realistic property values.
Most of these pending sales will assist in creating allocations of repair Jobs, remodel assignments to Construction Companies and sales for the types like Home Depot and Lowes, just this alone will start creating more monetary circulation and start to being the base for leapfrogging into the next stage, New Constructions and Banks confidence in Lending.
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