Now I’m not saying that the implementation by the government of the first-time homebuyer tax credit was a bad thing… in fact, it has been a blessing to many. I’ve personally witnessed the joy of numerous individuals, young and old, who have walked away from the closing table beaming with pride after purchasing their first home. In fact, one 53-year old client literally danced a jig, filled the room with her singing, and wept for joy as she signed her closing documents, having finally realized her life-long dream of becoming a “homeowner.” That, to me, makes it worth while.
However, here we are three months later, and the U.S. Department of Housing and Urban Development is reporting that the housing market remains stagnant and that home sales have hit a new record low during the month of July. Unfortunately, until buyer confidence rises, housing prices will remain deflated, and the market will continue to flounder… the home-buyer credit was a nice draw, but apparently, it wasn’t enough to make much of an impact.
