This will give us a nifty GDP bump for Q3-Q4. But it is cannibalizing future sales as clunkers did. Isakson and Dodd are looking to extend this credit to ALL home buyers which would extend the GDP bump but help to collapse the US dollar IMO as our deficit continues to soar…I am still calling for a double dip…
Home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August…
Update 3: 430pm EST: Breaking on CNBC- Diana Olick says Harry Reid’s office confirms a deal has been reached on the homebuyers tax credit, It WILL BE EXPANDED AND EXTENDED to include more than 1st time buyers, and IT WILL BE ATTACHED TO THE UE EXTENSION BILL
Reid says he expects a vote on said UE bill WITHIN 24 HOURS.
ginaswo
