What happened to the new $15000 tax credit (loan, real estate, credit card)

[gregandvicky]

Nothing new, no new news. It is like the subject has disappeared.

[aneftp]

Originally Posted by gregandvicky

Nothing new, no new news. It is like the subject has disappeared.

Yes, it's just about dead in the frying pan.

Any supposed tax credit advantage to the "rich"...anyone making more than 200K singles/250K couples is being trampled by Obama/Democrats.

They are looking to raise tax revenue (IE major tax increases) and the 15K tax credit (while minor...only adding about 30 billion to the deficit while their health care bill adds about 100 billion a year) would be considered too advantageous to the affluent home buyers.

[VictorBurek]

the 8k credit for first time buyers is still available.

[David Kennedy]

It was ONLY talk...when the smoke cleared in Washington, $500 was added to the already existing program.. thus $8,000...not enough to get any real fires started...to much uncertainty for real estate sales to take off...

Everyone has the fear that they will be NEXT in losing their jobs...this un-employment thing has not hit bottom yet...not by a long shot.

And what did Obama say? "The recovery will be a jobless recovery."

I heard him plainly...that means a negative economy...

Pay off your credit cards and hold tight to the cash.

[aneftp]

Originally Posted by David Kennedy

Pay off your credit cards and hold tight to the cash.

I think Americans are finally "getting it" The savings rate is up from (-1 %...yes that's a negative savings rate) to around 6% for this year.

Conserving money is bad (for the short term economy because less money is being pumped in) but overall increased savings will be great for the future of the United States.

Americans really need to start saving 10% of their incomes a year.

You never know when you need that rainy day savings to bail you out.

[NatasNJ]

Save 10% of their income a year?
Is that total savings or in addition to x% for retirement?

[aneftp]

Originally Posted by NatasNJ

Save 10% of their income a year?
Is that total savings or in addition to x% for retirement?

10% total savings (includes retirement/employer contribution for those still lucky enough to have that "free" money).

I also think there should be a requirement for an irrevocable line of credit or assets worth up to 6 months of mortgage payments for anyone to qualify for a mortgage these days.

These "teasers" 15K tax credit/8K credit are all smoke and mirrors.

So many people are going FHA since the conventional lenders want them to have more than a 3.5% downpayment.

3.5% down is going to cut it if you need to sell quickly. You won't build any equity for the first 3-5 years. History will repeat itself again, only this time the taxpayers will folk over the bill for the FHA loan programs once these homeowner default.