Poll: Home buyer tax credit extension -- yes or no?
Most of your chatter here in the last few days has been about the as-of-yet failed attempt by the Senate to extend the closing deadline for the home buyer tax credit. Those caught up in loan, title, short-sale or other tangles really want more time. Those upset about the money doled out already want the credit to end June 30, a date that was itself an extension.
Sounds like a poll, don't you think?
Here's a sample of the pro- and anti-extension commentary:
Wonk reader Debbie writes, "I have been approved for 2 months now. I've had the lender call me 3 times to say everything is in order and that we are set to close. It's been 25 days since I was suppose to close and the regional manager calls me today profusely apologizing that we probably can't close until Tuesday! This is the 5th postponement. I don't believe a word he says and will never ever bank with a large bank again."
Metzger, responding to the many people still waiting to close on short sales, wrote: "I am sorry that it has taken so long, but you can't expect to have an extension just because you choose to purchase a potential short sale. If you wanted a guarantee of receiving the credit, you should have gone after an REO or a regular resale (non-distress). The tax credit has been in place for over a year. You can't make everyone happy. If they were to extend the credit, there would probably be people who still would not have closed on time."
Last week's poll asked renters to share how the state of the housing market has affected their efforts to buy. The most popular answer -- with just over a third of the vote -- was, "I haven't bought yet because prices are still too high for me."
"I haven't bought yet because I'm worried about where the market is headed" and "Market conditions have mostly been on my side -- not a bad time to be looking" were tied for second.
One of the write-in answers encapsulates the boom-and-bust's consequences: "I lost so much money on my last house that I need to recuperate."