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Posts Tagged ‘housing market’

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By a 409-5 tally only slightly less Politburo-y than the Petraeus confirmation, the House voted to extend the closing deadline from April 30 to September 30 for potential beneficiaries of the $8000 home-buyer tax credit.

You know, the same tax credit that encouraged an artificial overloading of demand in April that directly led to May and the greatest month-to-month decline in home sales since records have been kept. And the same tax credit that was fraudulently claimed to the tune of $26.7 million, even by death row inmates, the first time around. The Country Estate already covered those issues.

What’s the point? Encouraging people to buy homes a few months earlier than earlier than they intended isn’t going to bring back the home construction jobs that represent nearly 20% of the jobs lost in the recession. Politicians are just too spineless to admit it in a country like ours, where home ownership is a fetish.

Oh, and I don’t mean to pile on, but the people in charge of processing tax credits at the IRS? Yeah, they just failed their audit. [Hat tip: Peter Suderman at Reason]

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