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I can't say how it effects others, but for my family, it's caused us to take a big pause in our normal spending. We were looking for a new house, and will have to put that on hold. I know many of our friends are feeling the same (Rep and Dem alike).
Why wouldn't you buy a house? Interest rates are all time low, prices have dropeed like crazy, and the government is giving $8000 to first time home buyers. Now is the perfect time to buy, not to sell though. The stimulus will create jobs, it will by increasing aggregate demand, thus increasing economic activity and reducing unemployment and deflation.
From what I`ve read, the housing market is the only thing right now that can turn the economy around. The stimulus is way too long term. Buy the house.
Why wouldn't you buy a house? Interest rates are all time low, prices have dropeed like crazy, and the government is giving $8000 to first time home buyers. Now is the perfect time to buy, not to sell though. The stimulus will create jobs, it will by increasing aggregate demand, thus increasing economic activity and reducing unemployment and deflation.
You make good points, and I may buy. That said, there are plenty of reasons not to buy.
For one, Obama's next spending bill cuts the amount of tax deductions a family can make on a home, so that's a hit. I have no idea why they pulled that number. I'm sure it's got realtors and home builders scratching their heads, as well.
Then there's the issue of the coming ALT-A and Option ARM crisis that's going to start hitting in the third quarter of this year and is set to peak in 2011. There's over a trillion dollars in real estate tied up in that mess. And the rate of people foreclosing with those loans is already accelerating before payments are even recast. I don't think the blood shed is over in the housing market, and nor do I think the banks are even close to being stable. That's part of the reason they're holding on to TARP funds: the deluge has yet to hit.
Then there's also the uncertainty of holding down a job. If one's in an apartment, is $8,000 enough to take a real gamble? Maybe...
I'm just not so rosey on this "spend-ulus" plan. A lot of this money seems headed to arenas where I see economic stimulus limited to the bare minimum with little utlity.
For one, Obama's next spending bill cuts the amount of tax deductions a family can make on a home, so that's a hit. I have no idea why they pulled that number. I'm sure it's got realtors and home builders scratching their heads, as well.
I'm just not so rosey on this "spend-ulus" plan. A lot of this money seems headed to arenas where I see economic stimulus limited to the bare minimum with little utlity.
Isn't that stupid! If the Dumbocrats want the housing market to recover they should allow full interest deductions to remain - in fact they should increase the deduction by 25% over the amount of interest paid for new home purchases for 5 years. Those idiots in Congress don't make any sense 90% of the time.
Why wouldn't you buy a house? Interest rates are all time low, prices have dropeed like crazy, and the government is giving $8000 to first time home buyers. Now is the perfect time to buy, not to sell though. The stimulus will create jobs, it will by increasing aggregate demand, thus increasing economic activity and reducing unemployment and deflation.
It's a good point, and that was why we looked in the first place. With so much uncertainty about how my income will be effected, it's hard t justify such a large purchase right now.
Nope, it will end up in a massive inflation when the clowns that passed it have to start printing money because they don't have any, business close down because of regressive taxes and continuing bad markets from the Pork instead of the money going to real construction of America... ACORN isn't one of them....
You think the dollars is worthless now, check back in about six months....
Location: planet octupulous is nearing earths atmosphere
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they need to bailout out the housing market and small business...and let crysler and gm go chapther 11... there baliling out the wrong end... the money would be spread out more evenly across the board....fixing the foundation is the key to getting the economy rollin again...
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curiosity killed the cat$$$$$$$
