By extending this credit, it would give a lot more people an opportunity to utilize it ["Will the $8,000 First-Time Home Buyer Tax Credit Be Extended?" usnews.com]. My husband and I have been saving for our down payment on a house when we had to move my sister and her two children in with us, so money is very tight right now. But we are so close to having the full down payment. We expect to have all of it by January, which doesn't help us at all with the first time tax credit. Please extend this wonderful gift to allow more Americans to purchase our first home!
Comment by Lindsay of KS
I'm tired of seeing the government transfer funds from the general treasury just to prop up certain industries or sectors of the economy—autos, major appliances, home improvement or, in this case, home ownership. The government is supporting home ownership enough through the deductibility of mortgage interest, which has the unfortunate effect of anchoring people to wherever they are currently located, instead of being able to move to other cities where there are more jobs. We would be better off with more renters.
Comment by Gene of TX
I may be biased, because I work in sales related to home decor (hey, honesty is a virtue), but extending the home buyer tax credit would be absolutely wonderful for the economy. First off, when a new home buyer gets a tax credit, he or she (or the married couple, perhaps) will not only buy the home, but will also put in some work decorating it. Buying homes when prices are at their best in years (in terms of the buyer, of course, certainly not the seller) means that those who can get a mortgage and a good price on a home will then also spend to furnish and decorate, thus giving a boost to the retail sector as well as the housing sector of the economy. Extending the tax credit would definitely be a wise move for a number of reasons, all having to do with moving this economy forward.
Comment by Angie Koutrotsios of IL
I purchased a duplex for budgetary reasons a couple of years ago. I live in half [the duplex] and rent out the other half to help subsidize the mortgage. I recently got married and my wife and I would like to live in a real house and start a family. We've found a house that is within our means to make the mortgage payment, but the home needs a lot of repairs. We certainly could use the tax incentive to put back into the house (and the economy), however I am not eligible since I have purchased before, and she is subsequently penalized for having married me. We would love to see an extension of the parameters of this bill to aid responsible bill/tax paying couples.
Comment by Aaron of TX
With short sales taking 4-9 months to complete a sale, the first time homebuyers are now eliminated from buying these distressed properties since they would "close" after the November 30 deadline. This credit helps young people to get into a home and helps get these distressed properties off the market. If the banks would hire more staff to process these short sales on a more timely basis, the recovery would build and the credit may not be needed past next June of 2010. To stop the momentum that the credit has helped to build, at this critical juncture, would be a big mistake. Congress needs to put more money in the hands of real homeowners on main street, rather than line the pockets of big banks with billions of taxpayer dollars.
Comment by Bob Benson of CA