Bill, I agree that we need to bring back the tax credit, but only if Congress can divert funds from unused do-gooder tarp money. Our national debt is a disgrace. Dave Clinger~

Voting in the house is going on to extend it. Hopefully we get it.

Home Buyer Tax Credit  Update

Bill, I think the stimulus of the two different tax credits the gov't has created over the last year or so, has simply artificially accelerated and stimulated demand, which in effect delays our rationalization of the over supply of homes. Unfortunately, I believe that our downturn has been extended due to these artificial gov't stimulations. David Weekley

Bill, sales and starts of new homes have fallen since the federal housing tax credit ended just as most everyone predicted. Enacting a another similar program will likely stimulate sales again and just as likely be followed by another drop in sales as it ends. I beleive new homes will see sustaining recovery only once the tide of foreclosures is stopped and jobs are created. In the short run most builders would benefit from another federal tax credit on new homes. But any lasting solution has to include job creation to break the current new home crisis and housing value downward spiral.

Agreed, for the most part. I'm with Mr. Clinger, we can't afford another unfunded mandate from Congress. Cash for Clunkers actually cost more than its economic impact for the auto industry (not that you'll find anyone from the Obama administration who would admit to those cold hard numbers.) Yet my two friends who bought homes last year could not have done so without the tax credit.

No. Just NO. You people think that taxpayers ought to be bribing people to buy houses just because it helps your monthly income. That’s wrong. Home ownership should stand on its own merit. Displacing future demand, pushing people to buy before they are ready, make them apply for online loans and subsidizing their down payments is EXACTLY what tanked the market to begin with. It would make a lot more sens to “target” purchases from real people rather than foreclosures owned by banks. Many of the real people transactions result in 2 or more sales. The first time buyer at the start of the chain allows other folks to move. Realtors are clueless about economics, and sadly even more clueless about the one market they should really know: Real Estate.