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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


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posted by Purp at 02:51 PM

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