Possible $15,000 Tax Credit????

[svrpaul]

I wish this stuff would not end up in the main stream media. It is such a long shot when the treasury is already having a hard time placing bond debt. There really isn't enough money for this sort of a play. It would be nice if it came to fruition, however I have had 4 buyers park it to find out what happens. One of them had a friend that bought a house in December and so missed out on the 8k tax credit.

Somebody certainly gets it... Nice catch. The consequences of programs that are unsustainable will eventually rear their ugly head. It's precisely why we are in this mess to begin with.

What's going to happen if the current $8K program ends December 1st??

[donnalong]

The big thing is that we are all going to have to pay for these programs. The money is not "free".

[satxproperty]

The big thing is that we are all going to have to pay for these programs. The money is not "free".

We, and our kids and our grandkids....

Then there is this "Crap and Trade" mess ... Remember these famous words, "No tax increases for anyone earning less than $250,000."

[Business with Greg]

I know of at least one buyer who is waiting to see if this goes anywhere before buying.

Maybe you could tell this buyer that home prices are rising and waiting may cost more that the credit is worth when they have to finance extra money and pay extra interest on their mortgage.

Not only that the mortgage interest rates are climbing. This alone would be a good reason to act now. 1% can cost $100 extra per month in interest on $100,000.

Over 15 or 30 years that is $18,000 or $36,000 respectively.

[RJO Salt Lake]

I don't see any support for that level of a tax credit. It wasn't there before and my sense is that today most legislators will say, "We've done the tax-credit thing, now let's do something else."

[SLP-NYCT]

Maybe you could tell this buyer that home prices are rising ...

Seriously??? Not anywhere I know of. We are still sitting with over a year of Supply here.


What I find amazing is that they are looking to offer a $4,500 tax rebate if you buy a new car getting better gas mileage. So $4,500 off a $30,000 car vs $8,000 off buying a $200k (or more) home. Does that make any sense?

Now I can see if you want to clean up the environment by taking gas guzzlers off the road, but then why the 4mpg improvement. Why not push it to 28 mpg or better?

[Del Mar Homes Pro]

Yes possible, not probable.

[stevetrang]

We have some home prices rising here in Phoenix. We've had as high as 75% drop in some areas since the peak, and now those areas are coming back up because it's just too damn cheap. Everything over $175k is still going down, tho. I sold one house 1800 sqft on a quarter acre lot for $30k a couple of months ago.

[SLP-NYCT]

$30k! I'll be right out. I could retire as my house would be paid in full. My car cost more than that.

[Toby Lane]

I had heard about this on the news. I don't think Johnny is getting much support on this. I think it would be nice if they just offer the $8,000 credit to everyone buying a home, not just 1st time homebuyers. That might stimulate the housing market.