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St Louis Mortgage Industry Says Tax Credit Stimulus a Disappointment





Although this comes as no surprise to consumers, this country has experienced a major financial setback both in the real estate housing industry, the stock market and now we face some of the highest unemployment rates in decades.

St Louis home loan professionals have feared that with unemployment escalating, there may not be any good news in the near future for the housing industry and that the expiring home buyer's tax credit as a complete failure.

However, to the great disappointment of political experts and financial professionals, the Obama administration's additional initiatives to modify consumers' loans facing foreclosure has horribly failed and has not met with any great success thus far just as the federal stimulus met with similar doom.

Now what is causing supplemental apprehensive among St Louis home loan circles is the likelihood that huge amounts of discounted homes will come on the market which would only exacerbate a floundering venue.

There seems to be a gloomy type of atmosphere that is hovering over this decimated real estate market frankly due to there being no sign of any upsurge in the demand for buying homes or refinancing. And for those hoping to see some kind of extension as regards the tax credit program, think again.

Tim Surrat, a practicing real estate agent, made the comment that, "No one is saying that they need to buy before the tax credit expires." And that seems to be the most plausible outcry one could rightfully make right now especially when home sales are desperately needed to get this stale economy moving.

What hasn't helped this tax credit program to really work at its fullest potential is that analysts have repeatedly said that the $6500 to $8000 amounts are too small to encourage buyers to make an immediate purchase now or even by the expiration date.

The real problem that the banking industry seems to agree upon is this in no way takes into consideration the needed savings to offset and pay for the home buyer's down payment and all commissions due to real estate agent and banks.

For example, the agent's commission for a home at the national average price of $164,000 is likely to be 6 percent or $9840. As you can see, the final commission is much higher than the tax credit of $6,500 or even $8,000 depending on your circumstances.

"You've got a really big problem that requires big guns, and the tax credit is just not big enough," said Roberton Williams, senior fellow at the Tax Policy Center.

Many lobbyists are saying more time should have been spent on making this program much more financially advantageous to buyers rather than the apparent wasted time on the controversial passage of the recent health care program. This too has been a heated discussion.

But the next crisis that seems to lay ahead of our political decision makers is will the social security system get the needed emergency cash to help keep it going. Perhaps a lesson has been learned on the importance of spending time and money wisely so that the end result will be a success and not a failure. Let's hope this agenda passes with gold stars.
About Author Floyd J. Tapia :

Want to find out more about a St Louis home loan, then visit Floyd J. Tapia's site on how to choose the best St Louis mortgage at <a href="http://www.libertylendingconsultants.com" target="_blank">http://www.libertylendingconsultants.com</a> or <a href="http://www.stlouisrefinancinggroup.com" target="_blank">http://www.stlouisrefinancinggroup.com</a> for all your lending needs. Call his office 24 Hours at 877-334-0210 or 314-334-0210.


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Article Added on Thursday, July 7, 2011
LD
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