HSH’s Tim Manni has another interesting blog post about the effectiveness of the new homebuyer credit:
According to [a survey by the National Association of Realtors (NAR)], only 6% of home buyers said that the homebuyer tax credit was the main reason behind their decision to purchase a home.
Tim quotes Luke Mullins of U.S. News & World Report (emphasis added by Tim):
NAR’s own survey makes it increasingly apparent that the credit rewards people for a choice they would have made anyway, Keith Gumbinger [of HSH] says. “Based upon [NAR's] numbers there, only 6 percent say this [first-time home buyer tax credit is] the reason [buyers are] coming in,” Gumbinger said. “That says 94 percent would have done it anyway.”
Who cares how effective our tax policy is as long as it makes us feel all warm and fuzzy inside.
Related Posts:
- Does New Homebuyer Credit Reward Housing Crisis Culprits?
- Homebuyer Credit Extension: Say it Ain’t So (Says) Joe
- 4 Year Old Gets Homebuyer Tax Credit
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