Amy Bender Webb
The current $8000.00 First Time Homebuyers Tax Credit is set to expire on November 30th and as anticipated, the conversation has started to turn to the question of an extension, or even permanent codification of this credit:
There are two sides to this coin:
Needless to say, many (not all) Realtors, Builders, Home Buyers and Politicians see extending the program as essential. It certainly has stimulated economic activity in a way which materially impacts the lives of the individuals involved in these transactions and personally, I'd rather see the government subsidize home ownership rather than overproduction of genetically modified corn...
...but on the other hand, home buying is already subsidized by the mortgage interest deduction, this credit will never reach the bottom tier of the economic ladder where housing issues are most immediate, and this approach to stimulus does not help rebuild our infrastructure, build a new green energy economy or improve education.
What's your opinion?
