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Friday, March 12, 2010

Home Buyer Tax Credits -- The Sequel

What Happens May 1 (and Beyond)?

The word amongst Realtors is that the tax credits for home Buyers -- $8,000 for first-time Buyers, $6,500 for move-up -- is a dud.

Unlike the first round of incentives which expired Nov. 30, the sequel -- scheduled to expire April 30 -- does not appear to be catalyzing a major surge in purchases, especially in the lower price brackets.

That said, lots of eyes are focused on May housing activity, to discern signs that the cumulative incentives effectively "sold forward" housing activity, with the result that the second half of 2010 will experience a (more) pronounced drop-off.

And, no, unlike last Fall, there does not appear to be an extension in the cards . . .

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