6500 home buyer tax creditMore than 6,000 Coloradans have taken advantage of the first time home buyers tax credit and local realtors are joining the chorus asking Congress to extend the first time homebuyers tax credit. It's set to expire at the end of the month. Congress could do that as early as today. Think of the government's Cash for Clunkers program when you consider the $8,000 credit. Cash for Clunkers led to a short term spike in car sales, just like the home tax credit has caused a small boom in one corner of the housing sector. That's the rub for real estate economists like Tom Thibodeau at the University of Colorado."I don't think it's going to be encouraging people who would otherwise not want to be homeowners, to become homeowners," Thibodeau says. And Thibodeau worries the credit won't help the long term recovery of the housing market. But, he says, "it's going to encourage people to buy sooner than they might otherwise feel comfortable buying, and to that extent it's going to help stabilize prices."For More Detail:
um. this is bullshit, the people that really deserve this money are people who bought at the height of the housing bubble (in the past 3-4 years) and still made their mortgage payments rather than abandoning their house. the people who bought 5 years ago actually got a decent price on their house, and will get a tax credit, but the people who got screwed 3-4 years ago and still stuck with the payments get nothing???
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