More On The Tax Credit

I believe the saying is that one person can ruin it for everyone.  Well, that is what could be taking place with the tax credit.  I wrote a post earlier this week about the fraud that is going on with the tax credit.  “Tax officials said tens of thousands of people submitted suspicious claims for the first-time home buyer tax credit. Congress is weighing steeper documentation requirements if it extends the plan.”

This makes it very hard for anyone to determine how much the tax credit has stimulated sales of homes.  The largest amount of the fraud is coming from people who state they haven’t owned a home but really have.  This comes as no surprise to me because I get calls all the time from people who either don’t know or are trying to figure out a way to get it.

“The problems are potentially troublesome for backers of the credit – including real-estate agents, home builders and mortgage bankers – who want Congress to extend it and expand it to all home buyers, not just first-time buyers. The credit is set to expire on Nov. 30.”

http://online.wsj.com/article/SB125622884824101553.html?mod=rss_Politics_And_Policy