Homebuyer credit extension heads to Obama

[classy]

This should be a permanent tax credit. Maybe not as high, but tax credits for first time home buyers and those who purchase homes used, but not with in say 7 years should be permanent. People don't buy houses all that often and a tax credit would be a nice way to help keep the interest in buying of houses. I would like to see $5500 for first time homebuyers and if they are a couple both have to be first time buyers. And $2500 credit that can only be used every 7 years. Home buying just doesn't benefit the purchaser. It helps feed the retail stores like Home Depot. Home services for cable, telephone, water companies. Keeping houses occupied increases local tax revenue. These tax credits should be permanent.

 

[BlahBlahYouToo]

This should be a permanent tax credit. Maybe not as high, but tax credits for first time home buyers and those who purchase homes used, but not with in say 7 years should be permanent. People don't buy houses all that often and a tax credit would be a nice way to help keep the interest in buying of houses. I would like to see $5500 for first time homebuyers and if they are a couple both have to be first time buyers. And $2500 credit that can only be used every 7 years. Home buying just doesn't benefit the purchaser. It helps feed the retail stores like Home Depot. Home services for cable, telephone, water companies. Keeping houses occupied increases local tax revenue. These tax credits should be permanent.

 

[Hacp]

This should be a permanent tax credit. Maybe not as high, but tax credits for first time home buyers and those who purchase homes used, but not with in say 7 years should be permanent. People don't buy houses all that often and a tax credit would be a nice way to help keep the interest in buying of houses. I would like to see $5500 for first time homebuyers and if they are a couple both have to be first time buyers. And $2500 credit that can only be used every 7 years. Home buying just doesn't benefit the purchaser. It helps feed the retail stores like Home Depot. Home services for cable, telephone, water companies. Keeping houses occupied increases local tax revenue. These tax credits should be permanent.

Lol. So basically you're trying to tax the renters in order to give to home buyers? Renters are mostly young people. You're trying to steal from the young and able in order to give to the old and more senile.

 

[Vic]

I wish they'd stop trying to re-inflate the housing market.

This extension is only for sales already under signed contract on or before April 30th.

 

[Vic]

What the fuck is the point of this if you had to have already signed a contract? How does this help anyone trying to sell their house?

/frustrated that I can't sell my house

Some hundred thousand pending sales already under contract by April 30th are still held up in review at swamped mortgage lenders (for the buyers' financing) and mortgage servicers (for the sellers' short sale).

 

[Vic]

No it did not affect prices. Go google it.

In other news, the housing market is on verge of collapse without more credits. They WILL be doing another round, count on it. I'm following this very closely because we're currently selling two properties and buying another.

Also mortgage rates just set another record today for lows. People aren't buying and it's because of the obama economic uncertainty.

http://www.google.com/hostednews/ap/article/ALeqM5jljsJcu7uX4H65Rj0zDRmPQvMEQAD9GM9VF01

We agree on most everything here except for your rabid partisanship. The housing market was set to crash regardless of who would have been elected, and in fact was already crashing well before the 2008 elections. And as anyone with a brain already knows this, spidey, you once again make yourself look like a foolish hack when otherwise your point might be valid.

It's a real shame, spidey, that you decided years ago to put party before ideology.

 

[spidey07]

We agree on most everything here except for your rabid partisanship. The housing market was set to crash regardless of who would have been elected, and in fact was already crashing well before the 2008 elections. And as anyone with a brain already knows this, spidey, you once again make yourself look like a foolish hack when otherwise your point might be valid.

It's a real shame, spidey, that you decided years ago to put party before ideology.

I'd be just fine if I wasn't blinded by obama RAGE! It makes me not think as clear as I normally can. Wait here it comes again!

Argh!!!!! the fucking obama is on the TV again! Stop attacking our country! RAGE! THROW THINGS!

 

[Vic]

I'd be just fine if I wasn't blinded by obama RAGE! It makes me not think as clear as I normally can. Wait here it comes again!

Argh!!!!! the fucking obama is on the TV again! Stop attacking our country! RAGE! THROW THINGS!

That's pretty much what your posts all look like the past couple years.

It's kinda silly too, because your supposed ideology is one of small govt, while your rants here are all that govt is somehow not doing enough.

 

[spidey07]

No, the idea of this credit was good. Incent behavior. And it had the intended effect. Turned out the program was a big success. The fact of the matter is people just aren't buying. Whether it just moved demand forward some can be debated but most likely it did so you see the current buying glut.

But with rates and prices this low people should be buying like crazy, I know we are but there is still a great deal of fear and uncertainty. I can absolutely blame that on Obama's constant attack on capitalism and business.

 

[rudder]

I understand why they're doing this, but that doesn't mean I like it. Of course, part of the issue is that I bought in October of 2008 and missed the first credit by a few months.

If these rates keep dropping, I am going to have to consider refinancing again after I already refinanced in March.

Another few tenths and I will jump at it myself. BOA gave me a great refi deal last time... so we will see.

 

[Vic]

No, the idea of this credit was good. Incent behavior. And it had the intended effect. Turned out the program was a big success. The fact of the matter is people just aren't buying. Whether it just moved demand forward some can be debated but most likely it did so you see the current buying glut.

But with rates and prices this low people should be buying like crazy, I know we are but there is still a great deal of fear and uncertainty. I can absolutely blame that on Obama's constant attack on capitalism and business.

Home prices in much of the country are still quite high when compared to rents for similar properties, so your partisan argument falls flat. People aren't buying because comparable rents are still lower than the mortgage payments and there is little expectation that home prices will increase anytime soon, so why should they? Despite all the govt's efforts to reinflate the housing market, they'll wait until the market has finished its correction, then buy. Which would be a completely capitalist business decision.

And as you're constantly attacking capitalism and business here, for example with your protectionist anti-immigration attitude, you're really coming off as a screaming hypocrite.

 

[IndyColtsFan]

Another few tenths and I will jump at it myself. BOA gave me a great refi deal last time... so we will see.

Yeah, when I refinanced in March, Chase gave me a decent deal. The rate wasn't the lowest available but it was good and competitive and I didn't have to get an appraisal or pay any fees or closing costs. Basically all I had to do was fill out a form, send it to them, and they showed up at my house and we closed there. And really, there isn't any reason that is shouldn't have been that simple given they were the original mortgage holder on my house. Of course, it was Chase, so there were screw ups and BS involved. At least we finally got it closed though.

I don't think I'll get that lucky this time, but if rates drop a little further to my magic number (1 pt or more below my current rate), I'll probably be willing to pay to get it done.

 

[classy]

Lol. So basically you're trying to tax the renters in order to give to home buyers? Renters are mostly young people. You're trying to steal from the young and able in order to give to the old and more senile.

Straight up, what the fuck are you talking about?

 

[Magusigne]

This saved my ass. Closing on a short sale soon. Been on contract since Febuary.

185k home thats 6 years old for 125k.

+8k credit.

 

[StageLeft]

This should be a permanent tax credit. Maybe not as high, but tax credits for first time home buyers and those who purchase homes used, but not with in say 7 years should be permanent. People don't buy houses all that often and a tax credit would be a nice way to help keep the interest in buying of houses. I would like to see $5500 for first time homebuyers and if they are a couple both have to be first time buyers. And $2500 credit that can only be used every 7 years. Home buying just doesn't benefit the purchaser. It helps feed the retail stores like Home Depot. Home services for cable, telephone, water companies. Keeping houses occupied increases local tax revenue. These tax credits should be permanent.

I'll take this further, why not jack it up to $50k. Also make all purchases at home depot tax CREDITS until the end of time.

 

[bfdd]

I wish they'd stop trying to re-inflate the housing market.

Seriously. I would love to be able to afford a home in California in the next 10 years.

 

[classy]

I'll take this further, why not jack it up to $50k. Also make all purchases at home depot tax CREDITS until the end of time.

Oh I see give only credits to businesses, forget the average man. Homeownership is a good thing and there is nothing wrong with a permanent tax credit. You don't buy a house very often.

 

[Doomguy]

Providing tax credits artificially raises the price of housing.

 

[alkemyst]

We agree on most everything here except for your rabid partisanship. The housing market was set to crash regardless of who would have been elected, and in fact was already crashing well before the 2008 elections. And as anyone with a brain already knows this, spidey, you once again make yourself look like a foolish hack when otherwise your point might be valid.

It's a real shame, spidey, that you decided years ago to put party before ideology.

QFT...the whole dems and reps thing has been played out and now is just a dogma that people blindly follow without even thinking about where it's heading.

If you are a dem anything a rep says is wrong and vice versa.

 

[StageLeft]

Providing tax credits artificially raises the price of housing.

This

 

[alkemyst]

there is a reason the limits of the credit were determined. It's at a level where housing shouldn't be affected, yet enticing enough to get a buyer motivated.

Pricing is pretty low in most areas now along with record-lows for financing. People aren't buying.

When you had free pools, cars, etc given out, that skewed pricing.

 

[Hacp]

there is a reason the limits of the credit were determined. It's at a level where housing shouldn't be affected, yet enticing enough to get a buyer motivated.

Pricing is pretty low in most areas now along with record-lows for financing. People aren't buying.

When you had free pools, cars, etc given out, that skewed pricing.

Um the limits were arbitrary. They just picked a number and went with it. 8k is more than enough for housing prices to rise. Look at what happened the month after the subsidy ended. Housing prices plummeted because there were no buyers.

 

[spidey07]

Providing tax credits artificially raises the price of housing.

Then why did home prices RISE when the credit ended? People keep parroting that it raised prices when in fact it did not. It did however motivate people to buy. My state still has a 6500 tax credit for new homes and it isn't going anywhere and it hasn't affected prices at all.

 

[Hacp]

Then why did home prices RISE when the credit ended? People keep parroting that it raised prices when in fact it did not. It did however motivate people to buy. My state still has a 6500 tax credit for new homes and it isn't going anywhere and it hasn't affected prices at all.

All the data shows that it rose in April(the last month of the credit) and fell in may.

 

[spidey07]

All the data shows that it rose in April(the last month of the credit) and fell in may.

I read an article just this week that said they were up some 2.7% in MAY.