Quote of the day: Let the credits expire

From The Wall Street Journal:

“It’s worn out its benefit. If you extend it again, it isn’t going to do much, and what you’re doing is providing a tax break to folks who bought anyway.”

– Mark Zandi, chief economist at at Moody’s Economy.com, arguing against another extension of the federal home buyer tax credits. With the April 30 deadline for contracts approaching, the National Association of Realtors and other lobbyists are pressing legislators to renew the $8,000 first-time buyer and $6,500 repeat buyer credits.

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