This past week, the House voted to extend the first time homebuyer tax credit, and to expand those who qualify to include homeowners who have been living in their primary residence for five years or longer.

However, the new deadline is April 30, 2010, and the expanded group gets only $6500 in the tax credit.

This bill was created as an amendment to the latest Unemployment bill, and still needs to be voted on by the Senate.

This is basically Congress throwing the National Association of Realtors (NAR) and the American people some crumbs, then they will congratulate themselves on a wonderful job and expect all of us in the Real Estate industry to be grateful for this half a______d bill.

A real stimulus plan would have extended the tax credit to the end of Summer, 2010, and would have included investors and second home purchasers.

While I know that many people are tired of stimulus and what they see as bailouts, if we are going to create a program to stimulate the Real Estate industry, lets go all the way with it and not just put on a facade to look good. 

Between December 1st and March 1st is the least busy time of the year for Real Estate.  Do these Congress idiots really think that people will come out to buy a home when it's 10 degrees and snowing? 

The fact that September re-sales numbers were down shows that the tax credit was not even having that great an effect at a time when people believed that it would come to an end after November 30.  So what good is this extension going to do?

Congress, I say either do the job right, or don't even bother.  NAR, please don't give one penny of financial contribution or political support to any of the Congresspersons who concocted this farce.  And readers, please see my previous blog for the reasons that we need a real extension, and how Real Estate sales promote genuine job growth like few other industries.

Trick or treat?   I say boooooooooooo!   Looks to me like we got the trick.