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May 12, 2010

Free mortgage tax credit giveaway ends, applications plunge 9.5%

An instantaneous 9.5% decline in an already punk market is change you can believe in.

...One full week after the tax credit's expiration, mortgage applications fell 9.5 percent; this as mortgage interest rates dropped below 5 percent.

Sure, refis jumped, but that doesn't help us much with the currently bloated inventory of homes on the market...

I wonder how all the previous buyers will feel a couple of months from now who took the $8K giveaway? With demand cratering by close to 10%, its quite possible that taking the "free money" from Obama's stash will in fact wind up costing them more than the tax credit they got if prices collapse even further due to weakened demand and the million or so additional foreclosed units that will be hitting the market over the next year.

Is it possible that people keen to get the (supposedly) "free" money were competing with each other driving the recently touted price rebounds? Yea, it is.

Is it possible forgoing the "free" money, waiting a bit, getting a lower rate and a lower price has a better payoff than taking the freebie? Yea, it is.

Its a trap - Adm. Akbar

posted by Purp at 02:51 PM

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With demand cratering by close to 10%, its quite possible that taking the "free money" from Obama's stash will in fact wind up costing them more than the tax credit they got if prices collapse even further due to weakened demand and the million or so additional foreclosed units that will be hitting the market over the next year. Is it possible that people keen to get the (supposedly) "free" money were competing with each other driving the recently touted price rebounds? Yea, it is. Is it possible forgoing the "free" money, waiting a bit, getting a lower rate and a lower price has a better payoff than taking the freebie? Yea, it is. Its a trap - Adm. Akbar posted by Purp at 02:51 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments Seems Legit: "How odd, I thought everyone understood that electr ..." rickb223 Gold & Silver Spot Prices [s][/b][/i][/u]: "You’d think they would’ve come up with ..." Commissar of Plenty and Lysenkoism in Solidarity with the Struggle : "MiG-29 has two sets of intakes Bonus hole. ..." It's me donna : "270 242 To be fair, Elon did advise that there isn ..." 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