Time is quicklly running out for first time home buyers to take advantage of up to $8,000 in free money that can be used as a down payment. The federal government has spent $600 billion buying up delinquent mortgage securites since January. Statisics indicate almost half of the loans restructured by mortgage companies have defaulted again as the jobless rate approaches 10 percent. In my estimation that is huge waste of money that would have been better served by extending the first time home buyer tax credit.
As it stands now the credit will expire Nov. 30. Local real estate brokers say the temporary rise in home sales will likely subside in the next couple of months as the demand is deflated.
Homeowners wanting to take advantage of the credit must be approved for a home loan by Oct. 15 and close the deal by Nov. 30. President Obama and the Democratic congress have been beating the healh care drum, putting the economy on hold. That is not likely to change before the credit expires.
Should government extend the first time home buyer tax credit, afterall they have continued keep the purse open for banks.
