Majority Favor Extension of Home Buyers Credit

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A majority favor extending the federal government's first time home buyers tax credit and expanding the incentive, according to a new Housing Predictor survey.

A large majority favor an extension of the government's first time home buyers tax credit and want it expanded to include all home buyers. The determination was found through an opinion poll conducted by Housing Predictor dot com.

Some 60% of those surveyed said they want the federal government's $8,000 tax credit to be extended beyond its November 30th deadline. The majority also favors an expansion to include all home buyers in an effort to strengthen the U.S. housing market, which has been declining at nearly unprecedented levels, despite a rise in home sales in many areas of the country.

The incentive was started as a move by Congress to re-energize the nation's housing market after the U.S. began to suffer through its worst decline in housing values since the Great Depression. The remaining 40% of those polled said they do not favor an extension or expansion of the incentive, despite the national foreclosure epidemic, which is forecast to hit 10-million homes through 2012.

The foreclosure epidemic is recognized widely by economists for being at the forefront of the nation's economic crisis. More than 9% of mortgage holders nationally are either in default of their loans or in the process of foreclosure. Nearly 1 out of 4 homeowners owe more on their homes than what they could get if they were sold in the current economic environment.

Housing Predictor regularly surveys visitors to its Website on real estate and economic related issues. Housing Predictor forecasts more than 250 local housing markets in all 50 states. Check your market forecast, search foreclosures, take the new Predictor Poll and check the latest real estate news at


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Mike Colpitts
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