This society has experienced monumental financial disappointments in the real estate housing industry and now faces some of the highest unemployment rates in recent history.
So, with unemployment lingering at around 10 percent, St Louis home loan professionals had strong hopes that the home buyer's tax credit bailout plan that was instituted would spark housing demand in this already crushed industry.
The greatest setback to all political representatives as well as mortgage and real estate professionals is not only noticing this major federal stimulus program go up in smoke, but equally distressing is the knowledge that this administration is equally failing at saving homes from impending foreclosure.
St Louis mortgage professionals also concerned that a huge amount of discounted houses will hit the industry in 2010 and this additional supply of properties will only worsen an already futile industry predicament.
What is even worse is that there is no sign that this country will see any type of expansion in the mortgage industry nor is there any existing hope that there will be a large demand for house purchases or refinance loans. And don't expect to see any last minute prolongation for the tax credit stimulus package.
But what is assuredly ironic is no one seems to be fervently and publicly supporting consumers to buy a house at this time. In fact, Tim Surrat, a real estate professional, seems to reiterate this thought by saying: "Not one person has said that they need to buy before the tax credit expires."
What hasn't helped this tax credit program to really work at its greatest potential is that experts have stated that the $6500 to $8000 amounts are too small of an incentive to encourage buyers to make a purchase right now.
St Louis lending, banking and mortgage consultants have exclaimed beyond any doubt that the savings on account of the home tax buyer's tax credit will definitely not offset down payments or any other buying costs.
If we look at the agent's commission for a house at the current average price of $164000 which is more likely to be 6 percent or $9840. As you can see, the final commission is more expensive than the tax credit of $6500 or even $8000 depending on your personal finances.
You've got an insurmountable problem that needs big guns, and the tax credit is just not big enough, said Roberton Williams, senior fellow at the Tax Policy Center.
At present, this federal bailout program is close to being finished, several are now arguing that more time should have been spent on making this stimulus much more economically appealing to tax payers and perhaps less effort should have been used on the recent health care package.
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