In a speech last week, Vice President Joe Biden announced that some 320,000 first time home buyers took up the government on its offer of an $8,000 tax credit. The true dollar volume of sales to first-time home buyers is probably somewhat lower than that, since first-time home buyers typically buy less expensive homes.
But the point works even if the dollar volume of sales to first-time home buyers is only $30 billion.
But how much longer can the government afford to spread around such a thick carpet of free money?Sen. I'm all for getting people to jump off the fence and buy something, but at some point, aren't you just borrowing from future demand? Powered and implemented by Interactive Data Managed Solutions News provided by The Associated Press.


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If the national median home price in second quarter of 2009 is $174,100, that's around $40 to $50 billion in home sales driven by the tax credit. In addition, every home sale sends roughly $60,000 downstream in the form of economic benefit. Johnny Isakson is said to be preparing a push for his $15,000 tax credit, which would represent a dramatic extension (the tax credit would be good for a year after the President signs it into law) and expansion of the current tax credit (from $8,000 to $15,000, and all home buyers would be eligible).
Glink is an award-winning, nationally syndicated columnist, best-selling book author, and radio talk show host who also hosts "Expert Real Estate Tips," a Internet video show. Isakson, a former real estate broker, believes that the best way to stimulate the economy is by encouraging peole to buy homes.


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