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| John D Ambrogio |
BREAKING NEWS from RIS MEDIA: Obama Signs Homebuyer Tax Credit Extension
According to RIS MEDIA: President Barack Obama approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010!!!!!!!!!! A great day for Chicago real estate.
Extending the tax credit is a terrible idea:
1. Adds more debt to our already outrageous deficit
2. Creates artificial demand
3. Sets us up for less sales when the tax credit ends
4. Gives an opportunity for some to commit fraud
5. Could be unfair to some home buyers
6. Gives a credit to buyers that would buy anyway
7. No free market
8. Creates a false sense of recovery
9. It attacks demand, SUPPLY is the main issue
Once again, economic-illiterate politicians and real estate agents try to control the law of supply and demand. Extending this credit will do harm.