Economists: Extending tax credit for homebuyers is bad policy

No doubt, a big tax break for first-time homebuyers is good politics. The $8,000 tax credit, enacted this year when Congress passed the $800 billion stimulus program, helps families looking to buy a house for the first time, as well as real estate agents and developers, who are ailing in the face of the worst housing market since the Depression.

[Coolmind]

so what to do?