No need for another tax credit

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The federal homebuyer tax credit is fading away, and it won't be missed by all. It looked good on paper: an $8,000 tax credit for first-time buyers and $6,500 for existing homeowners buying a new house. And, the general consensus is the tax credit helped a lot of first-time buyers enter into homeownership, which a majority of folks still think is a good idea -- despite the destruction of the financial markets and encompassing recession that has forced millions into foreclosure. So the stimulus did its job, but it couldn't last forever. And if the housing market at this point in the cycle can't push into the positive on its own momentum, there are serious structural problems in the homeownership business and another stimulus would only forestall a reckoning. In addition, the tax credit literally skipped past a number of individual metros, leaving barely a footprint, so in those particular markets the exit of the tax credit will really not be noticed. It's going to just ta...