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Third Time’s the Charm: Another Tax Credit Extension?

  • February 22, 2010

by Mark Wellborn

Third Time's the Charm: Another Tax Credit Extension?: Figure 1

The Wall Street Journal’s Developments blog is reporting that various real estate industry groups are lobbying Capitol Hill to extend the federal home buyer tax credit for a third time.

From Developments:

The National Association of Realtors and other industry groups are beginning to make the rounds on Capitol Hill to press their case, which goes something like this: We know you’ve extended the tax credit two times already, but the housing market is still fragile, the tax credit is working, and don’t forget– you’re up for re-election soon. In other words, do you really want to own the next leg down in home prices?

Frankly, we find it highly unlikely that the credit will be extended for a third time. Opponents of the credit were less than thrilled when the idea was broached late last year to extend it for a second time, so we imagine that they will not look favorably on a third extension. But more to the point, if buyers were going to take advantage of the credit, wouldn’t they have done so at some point over the last year?

What do you think? Should the credit be extended for a third time?

See other articles related to: first-time buyers, federal tax credit

This article originally published at http://dc.urbanturf.com/articles/blog/third_times_the_charm_another_tax_credit_extension/1805

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