6/14/10 – 6/18/10: A Weekly Recapby Tim Manni
This past week we focused primarily on the Congressional approval of the extension of the homebuyer tax credit’s closing deadline. Long story short: the president is expected to sign an extension into law that would push back the credit’s closing deadline from June 30 until September 30.
“All [the measure] does is take the existing law and scratch out June 30 and put in September 30,” says Lucien Salvant, a spokesman for the National Association of Realtors (NAR).
Let’s review this week’s blog posts with a short excerpt from each (the titles will link to the full post):
It seems as though we’ve been using some variation of the same title for our Market Trends recap just about every Monday. As a matter of fact, the title of our posts on June 1 was “Mortgage Rates Set New Record Low.” According to the latest issue of HSH.com’s Market Trends Newsletter, mortgage rates fell even further last week, claiming a new record low.
While there has been little to no chatter about lawmakers extending the homebuyer tax credit for a third time, there has been increasing talks about extending the time a borrower has to close on their deal. Under the current arrangement, to qualify for the tax credit a borrower must sign their contract by April 30 and close by June 30.
The Senate approved a proposal that would extend the deadline of the homebuyer tax credit past June 30. Under the proposal — which is actually “an amendment to a tax extension bill,” according to Luke Mullins of U.S. News & World Report — the original deadline of June 30 would be pushed back to September 30.
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“For many, the American dream of home ownership turned into a nightmare of debt and foreclosure.”-David Wessel (The Wall Street Journal)
That pretty much says it all, doesn’t it?
David Wessel of the Wall Street Journal wrote a really thought-provoking article recently that suggests we (if we haven’t already) re-examine our nation’s housing system and the overemphasis we put on owning a home. Wessel says that maybe it’s about time that we recalibrate what it means to achieve (at least part of) ”the American dream.” Maybe more of us should stay renters as opposed to owners. Would that really be so bad?
We’re still looking for more comments on these posts and more votes on our latest poll — we hope to hear from you!