I believe that extending the first time homebuyer tax credit would be a mistake. It would artificially and temporarily slow the correction of house prices, it will add to the national debt for reasons that aren't justified in my opinion, it will tempt people to buy a house when they are not quite financially ready(sound familiar?), and I also believe that many of these will end up in foreclosure in the near future. The tax credit is a government narcotic meant to placate and convince the people that government is doing something good. The money(tax credit) has to come from somewhere and that somewhere is the people through increased taxes. We have reached a stage where too many people drool over and grab at any government giveaway, not realizing nor recognizing that the main impact of these giveaways is the further weakening of the economic and moral fabric of our country.

The bottom line on the homebuyer tax credit is that it is politics as usual but very bad policy.  I have a real problem with the NAR supporting this aggressively.  If I had the option I would withdraw my membership in the NAR because of this as well as the minimum entrance requirements to become a member of the NAR.

George