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Old 10-21-2009, 08:30 AM
 
Location: Tucson
68 posts, read 196,645 times
Reputation: 81

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Has anyone heard of any kind of extention on the $8,000 tax credit from its November 30th deadline? I keep hearing rumors but nothing official. I'm hoping it will be extended.
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Old 10-21-2009, 08:54 AM
 
Location: Fayetteville, NC
1,490 posts, read 5,733,982 times
Reputation: 1609
It was extended till Nov. 30, 2010 for Military Personnel who are overseas or deployed at least 3 month during 2009.

Search Results - THOMAS (Library of Congress)&


It also removed the three year limit for military and some govt. employees.
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Old 10-21-2009, 08:59 AM
 
1,364 posts, read 1,835,702 times
Reputation: 1111
I'm delaying my home purchase until at least December. If Barack Osama doesn't continue to artificially prop up the market with free money to people who don't deserve it, the decline will send our economy into a death spiral. The NAR lobbyists are hammering on congressional doors non-stop for a $15,000 credit to ALL buyers. Sweet!!!
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Old 10-21-2009, 09:02 AM
 
1,989 posts, read 4,261,023 times
Reputation: 1396
If they expanded the program the way they're talking about it, I would qualify for $15,000 free money. And I'm still not in favor of it.

Not sure which way it will go, but I have noticed the chatter isn't all positive anymore, which means the NAR and builders are no longer completely controlling the conversation.

Here are a few articles:

Calculated Risk: Home Buyer Tax Credit DOA?

The Associated Press: Finances of tax credit extension are questioned

UPDATE 1-IRS warned again of U.S. homebuyer credit fraud | ETFs | News | Reuters


This is a horrible program and it's being horribly administered. IMO.
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Old 10-21-2009, 09:04 AM
 
1,989 posts, read 4,261,023 times
Reputation: 1396
Quote:
Originally Posted by faabala View Post
It was extended till Nov. 30, 2010 for Military Personnel who are overseas or deployed at least 3 month during 2009.

Search Results - THOMAS (Library of Congress)&


It also removed the three year limit for military and some govt. employees.
As much as I dislike this program, I'd be in favor of extending it indefinitely for anyone in the military-- with a few changes to make sure the borrower is financially stable, responsible and not going to capsize his/her life under an oversized debt.
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Old 10-21-2009, 09:38 AM
 
1,465 posts, read 4,938,422 times
Reputation: 861
Is the indecision of congress having an immediate effect on sales? I am always in shopping mode but if I came across a property I wanted right now, I might wait to see if I could get $15k. Why not...

If they said it won't continue or there will be restrictions, then I would proceed as normal without it. As long as I have a chance, I will wait as there is no buyer urgency.
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Old 10-21-2009, 09:59 AM
 
5,157 posts, read 5,772,865 times
Reputation: 1071
So dumb... Homes will be more affordable without the extension of the tax credit.

The market needs to finish correcting itself.

And I am a FTHB in the market.
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Old 10-21-2009, 10:33 AM
 
Location: Cumming, Georgia
808 posts, read 3,156,681 times
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I'm not in favor of extending this tax credit. The market will need to correct itself.
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Old 10-21-2009, 10:42 AM
 
3,020 posts, read 8,114,256 times
Reputation: 3258
Quote:
Originally Posted by amerifree View Post
I'm delaying my home purchase until at least December. If Barack Osama doesn't continue to artificially prop up the market with free money to people who don't deserve it, the decline will send our economy into a death spiral. The NAR lobbyists are hammering on congressional doors non-stop for a $15,000 credit to ALL buyers. Sweet!!!
"death spiral"??

I think that's being overly dramatic. The economic recovery will no doubt slow down and real estate professionals will suffer. But no death spiral IMHO. Wonder who is paying for that $15,000 credit? Not so "sweet" to me.
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Old 10-21-2009, 11:00 AM
 
27,066 posts, read 44,234,551 times
Reputation: 15411
Quote:
Originally Posted by TAGS70 View Post
Has anyone heard of any kind of extention on the $8,000 tax credit from its November 30th deadline? I keep hearing rumors but nothing official. I'm hoping it will be extended.
IMO it is all over!


read this:

IRS Warned Again Of Homebuyer Credit Fraud

http://www.nytimes.com/reuters/2009/...port.html?_r=1

Btw...IMO the markets should recover by them self..all this artificial putting money in the markets isn't helping on the long term...more fraud keeps showing up and when the funding or credits are over the people stop buying...more businesses should fail if they are run bad, just as HO who should never have bought and signed lyer loans should pay the price them self!
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