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Does the homebuyer’s tax credit matter?

Last week, President Obama signed into law an extension of the $8,000 first-time homebuyers' tax credit, and expanded it to include a $6,500 credit for relatively-new homeowners and widened the income parameters for elligible participants in the program. This morning, Maryland home sales numbers came out, and the Real Estate Wonk, over at our friendly competipaper, ...

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One comment

  1. Well, since my good name is on the line … :-)

    The 36 percent year-over-year increase in sales is the largest in the Baltimore metro area since MRIS began tracking the market in the late ’90s. (I’m reporting that in the Sun’s story for tomorrow.) Considering that sales here were falling until after the ’09 version of the credit went into effect (the one you don’t have to pay back), that’s pretty strong anecdotal evidence. All the economists, real estate agents and other market watchers I’ve talked to have said nothing can explain this level of increase except the credit.

    But whether that’s good for the market is another matter. Credit critics say the program is merely encouraging people to buy now rather than later — future demand that we therefore won’t see in the future.

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