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The Press is on...
I have recieved emails this morning from the NAR and from my local association regarding the $8,000 First Time Home Buyer Tax Credit. There is a full court press from the National Association of Realtors as well as the local associations to not only continue, but expand this program. And there is NO doubt that the program has been effective, especially in the last few weeks. Entry level home sales are up.
But, honestly... it needs to end as scheduled.
But it is helping my business...
I can hear some of my real estate agent friends saying that very thing. That is the basis of why the NAR wants to continue the program... But, we really need to examine the long term implications of what we are doing. NOT paying attention to the long term implications of current actions are what made this problem to begin with...
Whether you think that the bubble was caused by the Community Reinvestment Act, Fannie and Freddie pushing for lower and lower barrier to home ownership, out of control credit markets or even just people buying more home than they could afford... thinking that they could always bail out for more money... it is ... more
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