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Obama wants to offer new homebuyers a $8000 tax credit but when I think about it, isnt it likely that the home you are purchasing TODAY will drop by at least another 10% in a year? Average home prices here are about 160K. If a home's value drops to 146K by 2010, you will not only be out of the $8000 but also upside down on your mortgage.
Yippee -- the taxpayers get to buy everybody a house. Or where else is Obama finding all this money to attempt to rebuild the housing bubble that created this recession?
Obama wants to offer new homebuyers a $8000 tax credit but when I think about it, isnt it likely that the home you are purchasing TODAY will drop by at least another 10% in a year? Average home prices here are about 160K. If a home's value drops to 146K by 2010, you will not only be out of the $8000 but also upside down on your mortgage.
The idea is to stabilize the market.
How are you concluding that home prices will drop 10% in a year?
Yippee -- the taxpayers get to buy everybody a house. Or where else is Obama finding all this money to attempt to rebuild the housing bubble that created this recession?
Oh but wait....Your Republican party is offering $15K....WOW
Homes are still overpriced IN GENERAL by about 20%... which means that the 8k should cushion the OVERPRICED home.... 8k is a drop in the bucket when looking at homes that are 20% overpriced (and in a down market, its actually 30% overpriced)... I am still looking but the homes I am looking at are overpriced by 100%... so I guess I am not buying a home anytime soon... I am very particular about the home so it isn't as easy as opening a realtor website and finding one...
Yea, they call it a tax credit, but then you have to pay it back at something like $500 per year. What is it about these Government hacks that they just can't bring themselves to giving any kind of truly good deal to the average citizen/taxpayer, but are willing to throw trillions to their fat cat buddies?
Thats the old one... the 2008 you have to pay back but the 2009 is free money... and yes, the fat cat real estate industry is making out like a bandit with this one... they are getting tons of behind the scenes money from the government in addition to what the government handed out to homebuyers...
This is done strictly to rebuild the housing bubble that got us to this point in the first places.
Cheaply built houses being sold for far too much money to a people whose real wages are dropping too much to buy houses. Jobs to justify illegals brought in, more subprime loans to people who cannot afford the houses they want to buy. More of the same, there's no change.
This is all for the benefit of the big housing developers and lenders.
Yea, they call it a tax credit, but then you have to pay it back at something like $500 per year. What is it about these Government hacks that they just can't bring themselves to giving any kind of truly good deal to the average citizen/taxpayer, but are willing to throw trillions to their fat cat buddies?
Uh, not with the 2009 tax credit. You don't have to pay back the 8k.
And why is this thread being started today? This is very old news. It went through with the passage of the stimulus.
Anyhow, this has motivated my wife and I to buy a home from her grandfather this summer at a great price. Being first-time buyers, we will gladly take the tax credit on our 2009 return next year - use half of it to spruce up the house and half of it to pay off all CC debt ... helping ourselves and the economy.
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