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Will the 1st Time Home Buyers Tax Credit Get Extended? Builders hope so......

Will the 1st Time Home Buyers Tax Credit Get Extended? Builders hope so......

Single-Family Starts Ease as Credit Deadline Looms

Read more: http://rismedia.com/2009-09-21/single-family-starts-ease-as-credit-deadline-looms/#ixzz0RrkMS7NY

construction_lead_9_22RISMEDIA, September 22, 2009-Production of new single-family homes slowed in August 2009 as the expiration date for an important buyer incentive drew nearer, according to figures recently released by the U.S. Commerce Department. While overall housing starts rose 1.5% to a seasonally adjusted annual rate of 598,000 units for the month, single-family starts declined 3% to a rate of 479,000 units, ending what had been a five-month run of improvements. 

"With the $8,000 first-time home buyer tax credit set to expire at the end of November, the window is now basically closed for being able to start a new home that can be completed in time for purchasers to take advantage of that," said Joe Robson, Chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. "Builders are therefore pulling back on new construction at this time. Clearly Congress must act now to extend the tax credit if we are to keep the market moving toward a recovery." 

"The tax credit has been helping buoy demand for new homes since its passage in February, but builders are concerned about what happens after it is gone," said NAHB Chief Economist David Crowe. "On top of the credit's impending expiration, builders continue to grapple with a severe lack of credit for housing production loans and inappropriately low appraisals that are tied to the use of distressed properties as comps - both of which blunted the tax credit's positive effect. Together, these three challenges threaten to completely stifle the upward momentum we've seen in the first half of 2009." 



Read more: http://rismedia.com/2009-09-21/single-family-starts-ease-as-credit-deadline-looms/#ixzz0RrkMS7NY

Dawn Barrier    EXP REALTY Las Vegas   (702) 812-4550 

 
 
 
 
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Comment balloon 2 commentsLas Vegas Real Estate Agent Dawn Barrier • September 22 2009 02:40PM

Comments

Let's hope it does NOT happen. The US debt is out of hand. Manipulating markets of any kind is never without negative impact. How much debt can we, our children, and grandchildren handle over the next few decades?

Posted by John Rakoci, North Myrtle Beach Coastal Carolinas (Eagle Realty) over 9 years ago

Like many decisions being made these days there is good and bad coming out of it. I will say though that is if does get extended i see really no real need to almost double the credit to a possible $15k into the next extension.

http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html

Just added information for those that were not aware of this discussion on top of the possibility of extension.

Posted by Cancel This Account over 9 years ago

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