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First Time Home Buyer Tax Credit Extension in to 2010 Yet to Improve Data

Posted on | November 13, 2009 | No Comments

The first time home buyer tax credit extension has yet to improve any housing data. We have seen data recently that refinancing is making up most of the mortgage applications. This is the case because this data is from last week when future home owners were second guessing the idea of an extension. If this home owners were not going to get an $8000 tax credit it is likely they were not going to apply for a mortgage.

It will take a few weeks for the data to adjust to the extension. What will be very interesting about this data is the fact that move-up buyers are now getting a tax credit. In the next few weeks it is likely that we are going to see a swell in first time and move up buyers applications. As of now we will have to wait and see just how much this is going to help the overall housing market. It is very hard to make an argument that it will not help.

With the first time home buyer tax credit extension now signed into law many future home owners have a great incentive to get out there and at least look at homes. With mortgage interest rates well below 5% now is one of the best times in the history of the United States to buy a first home or move up into a bigger home. Take advantage of this opportunity and start to take action today before mortgage rates start to move higher.

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Author: Alan Lake

Category: Current News

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