Wall Street Fraud Watchdog calls for revamp of home buyer policy

The Wall Street Fraud Watchdog has urged the US congress to look again at the home buyer tax credits scheme and expand it significantly to boost the country's real estate sector.

According to the organisation, extending the incentive - which is currently only available to first-time buyers - to cover all purchasers, including investors, would have "an immediate positive impact on the ailing US economy".

In addition, the group noted that such a move could also help improve stability within US residential real estate markets.

But the watchdog stressed that should the scheme be extended, it must only be offered to those who can actually afford to make the payments towards owning a property.

The comments come as Clear Capital director of research and analytics Dr Alex Villacorta predicted that the housing market in the US could take a further dip after positive activity over the summer.

He noted that price rises are "clearly starting to level off" and highlighted that consumer confidence does not bode well for the performance of the sector during the autumn and winter months.
 

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