First-time home buyer tax credit over at the right time?
The debate some of you readers have been having here (and here) about the first-time home buyer tax credit is, in part, about timing. Too soon to expire or good riddance to bad tax policy?
Don, who's trying to buy in San Diego, says the lure of the tax credit encouraged buyers to up their offers so "that $8000 is really given to the sellers (and banks!)" He's glad it's over.
Joanne, another buyer, had the same bidding-war experience but is of a different mind about the credit. "I would rather see the tax credit extended as to see the government give more welfare to those that sit and not work and expect a handout," she commented.
So, here, let's make it a poll: Was the credit expiration well-timed?
A few notable stats:
Homebuyer tax credits claimed by Americans through the middle of February for purchases in 2008 and 2009: 1,795,429
Value of those credits: $12.7 billion
Number of credits claimed by Maryland residents: 29,298
Value of those credits: $206.5 million
Categories: First-time buyer tax credit, Polls, Repeat buyer tax credit
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Comments
Jamie, do you care to share your thoughts on the credit?
Posted by: Richard DuLong | May 3, 2010 12:05 AM
I try very hard not to have an opinion about most things, actually. I'm not a columnist, after all. :-)
Posted by: Jamie Smith Hopkins | May 3, 2010 9:43 PM
I thought the home buyer tax credit was great while it lasted. It gave people an added incentive to get up and buy a house. Hopefully, this spike in interest rates we're about to see will get people moving before they lose even more money.
Does anyone know if the Tax Credit is coming back?
Posted by: Mortgage Dreams | March 3, 2011 2:56 PM