Whether or not the extended tax extension will change the face of real estate in this economy is yet to be seen. The new plan includes increased income limits and adds a credit for homeowners who sell their home and purchase another one.Meanwhile a separate problem exists which, in my opinion, needs greater attention than it is being given.
Everyday I meet people who purchased homes at the wrong time, at the height of the market. Now they are stuck in the quagmire and no one is lending them a helping hand. These are people who are capable of making their house payments, even though they have lost up to 50% of the value of their home from the time they purchased it. Their neighbors have bailed or have sold their homes through a short sale, bringing the value of comparable homes down even further. Is it right to punish the people who have stuck it out? Where is their bail out? Where is the justice?
Unless banks start to reduce mortgages and work with the people who are helping them keep afloat, we are going to see more and more people throwing up their hands in disgust, and sending their banks “jingle mail”.
If this is truly a time for Change I haven’t seen it yet. Big business get all the attention and financial help while those who ask for so little are being ignored.