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The measly $8k rebate is equal to 0.2% interest on a $175k house. So with interest rates now down 0.8% from a year ago, it is like getting a $32k rebate! How is the govt. propping up prices again?
The measly $8k rebate is equal to 0.2% interest on a $175k house. So with interest rates now down 0.8% from a year ago, it is like getting a $32k rebate! How is the govt. propping up prices again?
Can't a person use the $8k as a down payment?? That is a serious chunk of cash on say a $100,000 home. The homeowner has to come up with less money and will probably be struggling to make payments in a year because they could not afford the house in the first place w/o $8k in aid.
Stupid idea to prop up the economy in an election year. I'm surprised they aren't extending it again.
Unless there were the same tax credits at the same time last year how can these comparisons mean anything? Tell you what if in the next 3 months home sales continue to surge, then I'll say there is some value..my suspicion is the news wont be good and everyone will go on about how we have regressed...when in actuality we never really went forward.
Thing WILL get better, they always do. I just don't think that time is right this moment as the numbers suggest.
"Tax Credits/No Tax Credits" is just another input, not a reason to discount the numbers. It can be used to help evaluate the numbers.
Home sales don't have to surge in the next three months for conclusions to be right. Are you suggesting that price comparisons only have value to predict 'surging' markets?
All I am saying is just because you find the comparisons useless, does not mean they are.
No. However, with FHA requiring only 3.5%, one doesn't need that much ... as long as they actually qualify.
That's the big difference between loans now and loans from a five years ago. Back then, if you had a pulse, you could get a loan ... and even then, I'm sure some bank out there would've said yes if you were dead!
Can't a person use the $8k as a down payment?? That is a serious chunk of cash on say a $100,000 home. The homeowner has to come up with less money and will probably be struggling to make payments in a year because they could not afford the house in the first place w/o $8k in aid.
Stupid idea to prop up the economy in an election year. I'm surprised they aren't extending it again.
The homeowner has to buy the house first and then apply for UP TO $8,000 in tax credits. They have to buy the house.
Nope. You have to have the cash first, close on the house, and then you got the money.
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