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I'm an agent in central Illinois, our market is fairly stable. I have 4 closings next week - 3 are first time buyers, the 4th is a move-up because 1st time buyer bought their home. The homes are priced between 45,000 (little condo) and 215,000. Is the tax credit having an affect? Yes. The 1st time buyers are coming out of the woodwork because of it. Many of them cannot qualify for a loan- and have no business trying to buy a house - which in many cases has made them realize they have to SAVE their own money for a down payment. Wow, imagine that! On the other hand, I'm also working with several who have been fiscally responsible, have excellent credit, good jobs, substantial savings and see the credit as an incentive for them to become homeowners. Throwing a proposal out there for larger credits that are not retro-active blah blah blah will just cause a wait-and-see attitude.
For the record - I think ALL of these incentives are a bad idea, for many reasons, most of which have been stated by other posters. I have been working since I was 14 years old, earned every penny I've ever had and get tired of the government looking in my wallet to send it those who haven't or won't.
as was done until Barney Frank, Chris Dodd, creative bankers, and other self-interested parties gave out loans like "crack" and now have decided to sign up the American people to support "crack addicts" guised as "stimulus."
as far as "other self-interested parties" I assume you include GW Bush with his $200 Million American Dream program to help homebuilders put unqualified buyers into homes with government downpayments?
as far as "other self-interested parties" I assume you include GW Bush with his $200 Million American Dream program to help homebuilders put unqualified buyers into homes with government downpayments?
There's plenty of blame to go around. However, Frank and Dodd controlled the House and Senate Banking Committees. Without their leadership(?) it wouldn't have made it through.
Greenspan also deserves much criticism. His inflated ego, master of the universe status, and flawed Freidman models destroyed our economy twice in less than 10 years.
There's plenty of blame to go around. However, Frank and Dodd controlled the House and Senate Banking Committees. Without their leadership(?) it wouldn't have made it through.
Greenspan also deserves much criticism. His inflated ego, master of the universe status, and flawed Freidman models destroyed our economy twice in less than 10 years.
Actually, the Republicans controlled both the House and Senate Banking committees until 2007, but the housing bubble hadn't popped until the (D) party took over then.
Actually, the Republicans controlled both the House and Senate Banking committees until 2007, but the housing bubble hadn't popped until the (D) party took over then.
There is plenty of blame to go around for all parties involved and it does not matter what party was in control or not in control. The whole housing thing has taken several years to get to where it is. It all comes down to living beyond your means and greed.
This $15K credit will have a very, very limited 'positive' impact on the move-up buyer segment which is key to getting us out of this housing death spiral.
I just wonder when Congress is going to run out of what most consider nothing more than 'feel good' attempts at stabilizing the market which do much more harm than good.
Let the RE marketplace adjust naturally by not meddling with the free market system.... simple as that.
There is plenty of blame to go around for all parties involved and it does not matter what party was in control or not in control. The whole housing thing has taken several years to get to where it is. It all comes down to living beyond your means and greed.
I agree wholeheartedly. I'm just making the necessary response to the following chain of events:
1) right wing nut makes repeated attempts to blame liberal politicians who are responsible for "the mess".
2) Moderate repeatedly responds with counter examples of how Republican politicians are equally culpable.
3) Since appropriating blame wholly to the liberals didn't fly after several attempts that are complicated by the actual facts, someone else chimes in and says "oh there were many parties involved."
So, since I saw it asked multiple times. The credit is limited to your tax liability, but can be spread out over 2 years.
In other words, it is not a refundable credit, but can be partially deferred one year.
So, since I saw it asked multiple times. The credit is limited to your tax liability, but can be spread out over 2 years.
In other words, it is not a refundable credit, but can be partially deferred one year.
Is this on the $15K? From what I understand, the $8K can be a refund. Correct me if I'm wrong.
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