Discussion abounds on extending the home buyer tax credit. What do you think?

Will the Home Buyer tax credit be expanded into 2010 and possibly changed to include more than first time buyers? Will letters to the Obama Administration from the Mortgage Bankers Association (MBA), National Association of Homebuilders (NAHB) and the National Association of REALTORS (NAR) requesting a one year extension of the existing credit have an impact?  You can read the letter here compliments of RISMedia.  

The national organizations make their case for the extension well, noting that approximatley 355,000 homes sales occurred because of the credit. The letter goes on in detail about the economic benefits of a strong housing market.  Regardless of if you are "for" or "against" and extension of the credit, this is a interesting read.

While the possibility of the credit extension is a national issue, it would certainly have effects here in the Wisconsin real estate market and beyond.  There’s an interesting discussion going on about the subject at the northwestern.com  And a quote from an article on stevenspointjournal.com states "It has to be looked at as a starting point," said Steve Lane, co-owner of First Weber Group in Stevens Point and a board member of the Wisconsin REALTORS Association.  “That first-time buyer enables the house to get sold, and then for the seller to make a purchase, then another seller, and up the line.”

What do you think?

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