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Thursday, May 19, 2011
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3 comments:
how the 8K housing credit cost people
$15K
http://www.smartmoney.com/spend/real-estate/how-the-8000-tax-credit-cost-home-buyers-15000-1304981110838/?zone=intromessage
he government's recent $8,000 cash incentive for first-time home buyers has proved even more costly for recipients than for taxpayers, according to data released Monday. Typical buyers have lost twice as much to price declines as they received from the program.
The median home value fell to about $170,000 in March from $185,000 a year earlier, according to Zillow.com. That means a buyer who closed on a house just before the tax-credit program expired in April 2010 collected $8,000 but has since lost $15,000 in value. Those who bought earlier in the program have done worse; the median price is down $20,000 from March 2009.
Pat-
I agree that the 8K was a bad time to buy, but the numbers saying that prices are 20K (~10%) below Mar 09 seems wrong. Corelogic says housing is down ~2% since then and CS says it is flat since then. I would trust both of those sources combined over zillow seeing that zillows numbers are significantly different.
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