Federal Government Home Buyer Tax Credits Expire Today – $6500 and $8000 Housing Credits Expiration
Posted on | April 30, 2010 | Comments Off
The Federal Government home buyer tax credits expire today, April 30th, 2010. The $6500 move up home buyer tax credit and the $8000 first time home buyer tax credit have been very popular as this has been free money in the pocket of those who are seeking to purchase a new home in 2009 and 2010.
Now that these government housing tax credits are set to expire many people are wondering what will happen to the overall housing market. Unfortunately no one knows what will truly happen with the housing market but if there are fewer incentives for first time buyers then there is a chance that we could see lower home prices in some markets.
Many analysts have been predicting mortgage rates are likely to rise in the near future. If there is a rise in mortgage rates and first time buyers have fewer incentives to buy then this could spell disaster for a housing market that is already struggling. Another leg down in home prices could make it very difficult for some homeowners.
Author: Mike Garner