Housing Stimulus... Good or Bad for the Industry?
So is giving people 8k really a good thing for the overall economy?
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Here's my answer! Fact! Almost 30% of first time home buyers who qualified for the first tax credit in 2008 are currently either behind in their payments or in foreclosure. I'm an Exclusive Buyer Agent here in Ca. I've been against this band aid fix since the very beginning. If you need 8K in order to qualify to purchase a home then chances are you won't be able to afford to own it! Which is exactly whats happening right now. FHA needs a bail out just to cover all the bad loans from all this stupidity.