I spoke on April 29th with Neil Cavuto on the Fox Business show “CAVUTO” about the expiration of the tax credit. I went on the record saying that the tax credit was necessary to get buyers off the fence at a time there was so much fear in the marketplace. The tax credit targeted low-end housing (where the most distressed appeared) and first-time home buyers. At one point 50 percent of the buyers (nationwide) were first-time buyers so this tax credit did appear to stimulate housing. Latest reports now show that investors were responsible for 19 percent of the transactions in March. It is safe to say that many of these investors were not motivated by the tax credit or interest rates since a large number purchased with all cash. I stressed that it is the price that has brought investors and buyers back into the marketplace: therefore, we do not to give a tax credit when buyers are now buying in all price ranges because of attractive prices that exist today.
Tax Credit for Buyers is over now- Connie discusses it all with Neil Cavuto on “Cavuoto”
by Connie De Groot | Apr 29, 2010 | News | 0 comments