Posted by 101livescan on 5/3/10 8:39am
Msg #334642

$8000 Tax Credit for First Time Buyers

I was listening to some discussion on the news the other night about the housing market, what is in store for a recovery. New construction at an all time low,may take years to recover, and how much good did the tax credit really do for recovery. Most people took advantage of it last year, less took advantage of the extension ending this year. Apparently as long as buyers signed a contract before April 30, the expiration of the credit, and they close the transaction by June 30, 2010, according to a Coldwell Banker TV add I keep signing, the tax credit can be had til then. So we may have some activity from this segment of the buying market (REOs and existing home sales), but according to this expert, we shouldn't expect to see much activity until next spring. Interesting, so get ready for a quiet summer and balance of 2010. Especially with interest rates on the rise....home values will continue to plummet. I'm posting more and more $1million plus homes for foreclosure. I have a $4M one in Santa Ynez this week. I would sure love to hear some good news soon.