“The Obama administration is still considering whether to back a popular tax credit for first-time homebuyers but is skeptical the United States can pay for it, Housing and Urban Development Secretary Shaun Donovan said on Tuesday.
He told the Senate Banking Committee he was aware the program was popular with lawmakers, but added that, ‘at the same time, I am mindful that these proposals can be very expensive, especially at a time of significant budget deficits.’
The new homebuyer $8,000 tax credit, which will expire at the end of November, has boosted home sales in recent months, helping to revive a flagging housing market that had been a key factor driving the United States into a recession…”
Read the article: http://www.reuters.com/article/newsOne/idUSTRE59J3M320091020?rpc=60
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© 2009
November 1st, 2009 at 6:01 pm
Prices, interest rates, and low down FHA payment should be more than enough incentives for buyers.
How much more defecite spending should be the burden of my grandchildren?
Enough of all these incentives.
Historically all these incentives have resulted in a real estate market slowdown.
The market will find whatever level it needs to find.