WOW! Somebody's Thinking. Extending the $8000 1st Time Home Buyer's Credit

Senate Banking Committee chairman Chris Dodd, D-Conn., went on the record Tuesday calling for a seven-month extension of the $8,000 first-time homebuyer tax credit, which is set to expire in five weeks. Chairing a hearing on the state of the housing market, Sen. Dodd said home prices are stabilizing but "we still need to use every tool at our disposal to try and fix this problem." The White House has yet to reveal its position on the extension. The Mortgage Bankers Association and other trade groups, predictably, support the extension. My guess is that Mr. Obama will endorse it. As soon as the Feds realize that what goes around, comes around, we will all be a lot better. Just think of it...encourage 1st time buyers to buy some of this foreclosure inventory, give them $8000 incentive and see the circulation of money, not to mention property tax volume increase. People buy homes, pay taxes and purchase goods for the home. That $8000 that the Feds gave comes back many times over. It's a WIN-WIN.