Florida Renovation Loans: New Home Buyer Credit Balloon being floated

New Home Buyer Credit Balloon being floated

Now that we have all been crushed by the latest home sales figures from last week, we are being thrown a possible life line.  I spent all weekend reading the doom and gloom about how bad the housing market is now that the last home buyer tax credit we had in 2009 and 2010 had expired. 

I didn't think in my wildest dreams we would be seeing another one.  Then to my amazement this morning a story appeared as I booted up my computer.  I have to say my heart skipped a beat.  This wasn't some no name source, no it was none other than CNBC.  I hope it is true.  Others in the industry might not feel the same way but we need some real help to clear the inventory of the overbuilding from the last few years before the bubble burst.

 

Michael Cantwell

Sales Manager, Envoy Mortgage, Palm Beach Gardens Florida

My website - www.BestFloridaLoans.com

My Mobile # 561-262-5366

My Outside Blog Florida Renovation Loans

 

 

 

               

Comment balloon 4 commentsMichael Cantwell • August 30 2010 03:24PM

Comments

I have mixed emotions on this.  I supported the previous credits.  But I am concerned about the budget deficit.

The $8000 credit helped at the low end here, but had little impact on homes/prices above the median.

The $6500 credit had the potential to work its way up the price ladder. But it was not in place long enough to do any good.  Hardly anyone knew about it in time to be, first, a seller and then, second, a buyer - before the deadline took it off the table. 

To have much impact, it should have been put in place for at least a year - I'd say through 2011 because it's clear the REO avalanche will take even longer than that to work through.  Soit would not hurt my feelings if they brought it back in some form.

 

 

 

Posted by Jim Hale, Eugene Oregon's Best Home Search Website (ACTIONAGENTS.NET) almost 9 years ago

I agree with Jim...I have mixed feelings about this too. I am not so sure that it will actually help things. In fact, there is reason to believe that the tax credit was more of a give away than anything else.

Posted by John Thomas, EcoBroker, MSEE, MBA (E3 Green HOMES) almost 9 years ago

I highly doubt we'll see another tax credit.  None of the numbers on the program actually did much.  Just pulled sales forward while costing an outrageous amount per sale.

Posted by Loan Survivor Real Estate Financing Expert (Purchases, First Time Buyers, Pre-Approvals, Refinance) almost 9 years ago

Jim, John and Drew,

 

Thanks so much for your comments!  

 

Jim,  I agree if we have one through 2011 would be the minimum we should have it for.

 

John, I just feel that even if it was a give away, the housing industry is so important to the overall economy it is money well spent.  Of course many would see this point of view as self serving, lol

 

Drew,

I do agree we were pulling forward sales but in the Florida market where I am, things have been so so bad for so long the shot in the arm was a huge help.

 

Mike

Posted by Michael Cantwell (Envoy Mortgage - NMLSR ID #644428) almost 9 years ago

This blog does not allow anonymous comments