Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Maryland
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-29-2009, 12:06 AM
 
Location: Upper Marlboro, MD
6 posts, read 13,761 times
Reputation: 12

Advertisements

Yesterday the Senate reached an agreement to extend the $8,000 first time home buyer tax credit. Additionally they'd propose to expand the tax credit for existing home owners offering them a $6,500 tax credit!

The news is on WSJ, USA Today and most probably will cover the whole media soon

All the best,
Charles
Reply With Quote Quick reply to this message

 
Old 10-29-2009, 03:51 AM
 
250 posts, read 1,378,495 times
Reputation: 148
Quote:
Originally Posted by CharlesHeyward View Post
Yesterday the Senate reached an agreement to extend the $8,000 first time home buyer tax credit. Additionally they'd propose to expand the tax credit for existing home owners offering them a $6,500 tax credit!

The news is on WSJ, USA Today and most probably will cover the whole media soon

All the best,
Charles
this is pretty big news, but it's not fact until the prez signs it. Hopefully within the next few days we'll get confirmation!
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 08:15 AM
 
11 posts, read 67,448 times
Reputation: 11
Default Not so fast

The extension only passed through a Senate committee. Neither the full Senate nor the house has even voted on it, and there are doubts it will pass.

Home Buyer Credit Gets New Life - WSJ.com
Reply With Quote Quick reply to this message
 
Old 10-29-2009, 08:59 AM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,224,330 times
Reputation: 225
Nothing but a zero sum gain, for now.

"U.S. vacancy rate rises to 11.1% for rental housing and falls to 2.6% for homeowner housing (vs. 10.6% and 2.8% in Q2). Vacancies are at their highest since at least 1996."

http://www.census.gov/hhes/www/housing/hvs/qtr309/files/q309press.pdf (broken link)

In the meantime, renters will enjoy even lower rents, and can wait to buy until after all the government subsidies end. Which we all know will result in home prices rocketing lower as demand for housing collapses, exactly the same way it did for autos when Cash for Clunkers ended.
Reply With Quote Quick reply to this message
 
Old 10-30-2009, 07:40 AM
 
2,087 posts, read 1,767,898 times
Reputation: 262
In the meantime, renters will enjoy even lower rents, and can wait to buy until after all the government subsidies end. Which we all know will result in home prices rocketing lower as demand for housing collapses, exactly the same way it did for autos when Cash for Clunkers ended.[/quote]



Not sure this widely agreed upon. You are comparing corporations and individual homeowners, many of whom simply cannot just drop their price 20k even if they wanted to. Demand already collapsed in case you haven't been watching, don't see the 8k subsidy being taken away as a cause for further collapse. Houses are already sitting on the market for 2 years. The market has and may continue to drive prices back to where they should have always been not a lack of subsidy.
Reply With Quote Quick reply to this message
 
Old 12-09-2009, 02:35 PM
 
Location: Lafayette, CA
63 posts, read 128,546 times
Reputation: 42
Default IRS has some good info on things to know about the extension

The extension is only until April 2010 and congress says won't do it again, but I think they may have to First time home buyer tax credit extended to April 2010 - Real Estate | EconPost

IRS has some good info on things to know about the extension
First time home buyer tax credit - 10 things to know - Real Estate | EconPost
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Maryland

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top