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Do you think the homebuyer tax credit is working?

Or do you think it is pointless given the lack of jobs creation?

February existing home sales drop 0.6 percent
Existing home sales fall for third straight month raising worries about housing recovery
(AP) -- Sales of existing homes fell for a third straight month in February, pushing sales down to the lowest level since last July. There is concern the fragile housing rebound is faltering, making it harder for the overall economy to recover.

The National Association of Realtors said Tuesday that sales of previously occupied homes dropped 0.6 percent in February to a seasonally adjusted annual rate of 5.02 million.

The weakness in sales depressed prices with the median home price dropping almost 2 percent from a year ago to $165,100.

Answer Question

Asked by grlygrlz2 at 2:39 PM on Mar. 23, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (7)
  • To keep mortgage rates low, the Federal Reserve has spent almost $1.25 trillion.

    In addition, Congress extended a deadline for homebuyers to qualify for tax credits. Both programs are set to end soon. High unemployment and tough lending standards appear to be holding buyers back. That could derail housing as it tries to emerge from the worst downturn in decades and harm the overall economy. "

    Until job growth resumes, housing demand will remain weak and susceptible to another lurch down when the homebuyer tax credit expires in April," said Sal Guatieri, an economist at BMO Capital Markets.


    Answer by grlygrlz2 at 2:40 PM on Mar. 23, 2010

  • No, it is costing the government more money than they planned. They extended it, but it didn't help raise the numbers like they wanted. It only sank us further in the hole.

    Answer by HistoryMamaX3 at 2:43 PM on Mar. 23, 2010

  • Like this HC bill will probably do as well.The government always underestimates the cost.For another example medicare

    Answer by Anonymous at 2:47 PM on Mar. 23, 2010

  • What are the interest rates like now?

    Answer by twin_mommy at 3:07 PM on Mar. 23, 2010

  • We just got a mortgage a few weeks ago for 4.75%

    Answer by Anonymous at 3:35 PM on Mar. 23, 2010

  • We just got a mortgage a few weeks ago for 4.75%

    That was so not the point. 


    Answer by Anonymous at 5:00 PM on Mar. 23, 2010

  • That was so not the point.

    twinmommy wanted to know what interest rates were like right now, so it was on point.

    Answer by Anonymous at 12:25 AM on Mar. 24, 2010

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