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Old 10-29-2009, 12:06 AM
 
Location: Upper Marlboro, MD
6 posts, read 12,122 times
Reputation: 12

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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
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Old 10-29-2009, 03:51 AM
 
250 posts, read 1,247,668 times
Reputation: 145
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!
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Old 10-29-2009, 08:15 AM
 
11 posts, read 60,881 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
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Old 10-29-2009, 08:59 AM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,074,199 times
Reputation: 220
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.
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Old 10-30-2009, 07:40 AM
 
2,087 posts, read 1,409,352 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.
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Old 12-09-2009, 02:35 PM
 
Location: Lafayette, CA
63 posts, read 114,293 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
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