All this talk about extending the $8000 tax credit makes my skin crawl. Every time I see this on TV my phone quits ringing. Extending, does take the urgency out of the program which will make the true fence sitters extremely happy. Why make a decision today, when you can wait 6 months?
Maybe I’ve been too harsh on the fence sitters. Maybe these people actually want to live within their means. Credit got us into this mess, can it bail us out?
Are the fence sitters really indecisive or is it they can’t qualify for a home loan. After all how many first time buyers can qualify these days. Interest rates are advertised at very low rates. Do you realize that to get that low rate you must be super qualified? You may qualify for a loan but at a rate 2% higher and with a large down payment. That is a huge jump in a monthly payment! Does it make sense economically?
Like so many programs, I’m sure we could improve this program that could be expanded. If you like throwing money at problems, like housing, I’m sure we could entice more home owners and investors to buy houses.
Let this program expire! Bring me something new to excite house buyers. Don’t restrict it to first time buyers, they’ve had their chance. Let’s develop a program that expands the pool. If housing can spur the recovery why should we limit the fuel to ignite the recovery?
Remember, cash for clunkers was extended 2 weeks, did that make it a great program?
©2009 Paul S. Henderson, For god’s sake, let’s move on! All Rights Reserved