Monday, August 30, 2010
No Decision on Reviving Homebayer Credit
The Obama administration has not decided whether it should resurrect a popular tax credit for first-time homebuyers.Those opposed to bringing back the homebuyer tax credit say it would blow a bigger hole in the federal deficit, while supporters see it as key to stabilizing a pillar of the economy that faces headwinds despite low mortage interest rates.I said bring it back , but that it just me...
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The Obama administration should definitely bring the popular tax credit. It was one of the only ones that worked, along with the Cash for Clunkers. Home sales suffered this past month and it seemed as though the real estate market was finally starting to dig itself out of the hole.
Being someone that is getting ready to graduate and go out into the world and buy a house, the tax break would be a good incentive to skip the apartment process and go straight to buying a house. Like Andrew said the cash for clunkers and the tax cut incentive for buying a home were two programs that seemed to put people into a spending mood and buy new homes and cars, which sparked the economy in a positive way.
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