Profile picture for scooterpie1

what are the chances the home buyers credit be extended or increased to 15k

  • September 09 2009 - Smithtown
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Answers (8)

Profile picture for Mr Caveat
But even if they do extend the credit, I do no think the government will keep the interest rates this low for much longer.

the FED has already said they will hold the rate as low as they can for at least 6 more months... odds are pretty high that next time next year, if it is within their power to do so, rates will be unchanged. the only caveat is that international markets play a big role in determining both treasury and mort rates.

i tend to read huge layoffs, huge investment losses, huge debt writeoffs, shrinking bank leverage ratios and failing commercial enterprise across all sectors as all somewhat deflationary...this makes it quite easy to keep rates low for a long time, and for that time to work in your favor.
  • September 10 2009
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Lyssa:


I see you are relatively new, so a couple of quick pointers...


1) including your contact info in the post is spam

2) be careful about posting blanket statements about it being a good time to buy - there are a lot of very well educated people that will stomp it into the ground (rightfully so), try to comment on very specific things and support your statements with scholarly publications and you'll earn the respect of the board.


Welcome to Zillow :)

  • September 09 2009
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actually, I expect prices to start sliding again as soon as they supports are removed. So, buying now, might be a mistake. I've seen starter home prices jump by 20k and more in the past few months, and if you check my post Paying 20K to get 8K, the many reasons hurrying today could be a huge mistake are spelled out.
  • September 09 2009
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Profile picture for sunnyview
I do not think that the home buyers credit will be increased to 15K. The 8K buyers credit has revived the first time buyer segment of the market and caused multiple bidding and overheating in the lower end of hard hit markets. I think it is possible that the current buyer credit might be extended up to the end of the year allowing people 30 days to close houses that are stuck in escrow or underwriting, but I do not think that the credit will be extended beyond that point.

BTW, describing the current market as "a perfect storm for buyers" makes me think of George Clooney, hard working folks falling overboard and drowning in a turbulent sea. That wouldn't make me want to buy unless I got the keep George along with the house.
  • September 09 2009
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Scooterpie, I do think there is a chance that the Home Buyer Tax Credit might get extended, since I do not think everyone will be able to close before the Nov. 30th deadline.  But even if they do extend the credit, I do no think the government will keep the interest rates this low for much longer.  The gov't has committed to helping the housing market by offering this credit, therefore they needed to keep the interest rates low to work hand in hand with the credit.  I do not forsee them being able to continue this for much longer.  Even if they do continue the credit, I think you will see interest rates start creeping up.  Now is truly the time to buy.  Between the tax credit, the low interest rates and the unbelievable amount of inventory...it is a perfect storm for buyers.  

If you have any questions, please feel free to contact me [self-promotional post, removed by moderator]

Happy Buying...
Lyssa 
  • September 09 2009
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Profile picture for BMFPitt
Let's solve the healthcare issue before subsidizing people buying homes.

The problem is it'll the same people "solving" healthcare that "solved" the bank failures and housing crisis.

We can't handle many more "solutions" like that.
  • September 09 2009
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Profile picture for wetdawgs
What is the probability?   I'd venture <25%.  But, I do suspect that the prices will drop come time when it is impossible to close before Dec 1, so you'll still have a $8k credit.

Let's solve the healthcare issue before subsidizing people buying homes.
  • September 09 2009
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why not make it 100K?
  • September 09 2009
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