Tax Credit Coming Back? - Short Sale Fundamentals
 
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30
Aug

Tax Credit Coming Back?

Obama reinstating tax creditThe evidence so far clearly shows that the surge in home sales in the first 2 quarters was completely due to the tax credit. So the slow down over the summer shouldn’t have come as a surprise to anyone.

Well, except the government. Apparently this took them completely by surprise.

The Obama administration is thinking of bringing it back. Before we discuss whether this is wise or not, let’s just review the numbers briefly.

The NAR reported that sales of previously owned homes went down 27% in July. New home sales are down 13%.

Now remember that the numbers in June were up because of the tax credit. So of course we’d expect to see a dip in July. No surprises there.

So did the tax credit do what it was supposed to? Was anyone hoping it would stimulate long term growth?

I certainly didn’t. So why should Obama be scrambling to get it reinstated?

HUD has claimed the July numbers are worse than they expected. I’m not sure why. It seems if everyone runs to cash in early, the first month out will be a steep decline.

I say we give it a few more months, get a steadier picture, and then make some tough choices.

What do you think?

  • Tom

    what have you been smoking? nobody is talking about bring this back.

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