Quote of the day: Extension or expiration?

“This is the best market we’ve ever had in history. We’re seeing a lot of positive news in the housing market these days, and the more positive news we have, the less inclined Congress is going to write [an extension] into a bill.”

Lance Ramella of Oak Brook-based RW Real Estate Advisors.

“It doesn’t add to the government tab. Every time somebody buys a house, that purchaser spends an average of $7,500 on [items for] the house. That’s really money the government is not putting out and that creates jobs. This industry leads the country out of recession every time.”

David Kittle of the Mortgage Bankers Association.

Trib columnist Mary Ellen Podmolik quotes Ramella and Kittle in a look at whether the government should extend its $8,000 tax credit for new home buyers past its Nov. 30 expiration date. As Ramella suggests, the market has picked up in recent months, but the question remains: Was this summer’s sales activity due primarily to the tax credit, and will the market sink again if the credit goes away?

Kittle’s group estimates that a new $15,000 credit for all buyers could generate 400,000 new sales, but for now he thinks another $8,000 credit for all buyers is a good compromise, Podmolik writes.

If you feel like you’re racing against the clock to beat the Nov. 30 deadline, you might skim Podmolik’s other new column, which passes along some tips for expediting the buying process.

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