Senator: Don't expect a home buyer tax credit extension
Several of you commented yesterday that you hope April 30 doesn't actually prove to be the end of the $8,000 (and $6,500) home buyer tax credits -- that Congress will decide to start the bandwagon rolling again.
"I had 2 homes snatched from me with in the last 2 days," Oscar wrote. "I really hope it gets extended!!"
"I hope they extend the house tax credit as well," Jennifer commented. "I had four houses snatched from my husband and I. In my city, it is has been bidding wars. It has been also difficult to find a good realtor!"
Sen. Johnny Isakson, a Georgia Republican, was the most visible proponent of extension last fall. So as your pleas came my way Friday, I checked in with his office to ask if there was any chance of another round.
Answer: nope. Which didn't surprise me, since he'd vowed on the Senate floor in November that no more extensions would be forthcoming.
"He ... said that part of the benefit of a tax credit like this is an expiration date -- knowing it's not going to go on forever," said his spokeswoman, Sheridan Watson.
Wonk reader miss clavel thinks that's just as well -- for buyers. Here's her comment:
For those having homes "snatched" from them, who want the credit extended; think again.
It may be the credit which is causing the homes to sell so quickly, as other buyers rush to take advantage of the credit.
I almost rushed into what was not really the best home for me.
It is also possible that the credit is pushing prices up (good for the seller but not the buyer).
Personally, I would rather NOT see the credit extended.