A couple of weeks ago, I read on the internet a somewhat contrarian view about the 1st time homebuyer credit of up to $8K. The author of the piece opined that the credit was ill-advised, in effect it provides a credit to buyers that would have bought property anyway, regardless of the credit. The author went on to say that the credit simply inflated the price of realty, much like the mortgage interest deduction & the capital gains' exclusion. Caught up in the day-to-day details of the business, I had never stopped to consider how the government's initiatives impact the ultimate price of the housing stock in this country. Any other views?
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