Comments on: 6 Reasons the $8,000 Home Buyer Tax Credit Should End

By: James@Cheap Mortgages

James@Cheap Mortgages — Fri, 22 Jan 2010 15:30:16 +0000

Ive always thought it was funny that Obama could justify a huge increae in forclosures by enticing more first time buyers to enter into a mortgage even if they are not in a great position to take out a mortgage just to take advantage of this offer. Surely this will be the root of further foreclosures?

By: Jayson

Jayson — Fri, 30 Oct 2009 06:00:56 +0000

@Jim – there’s not much you can do, as the credit is pretty much guaranteed to be extended. However, you can find your contact your state rep and tell them how you feel. I’ll post a link below

http://www.house.gov/

By: jim schultz

jim schultz — Thu, 29 Oct 2009 17:57:42 +0000

There is a lot of ignorance here . Does anyone realize how much tax money is being wasted here ?

On top of it does anyone realize, how this is affecting the small landlord. I am a small landlord and have had problems refilling my units because of this. I also have friends that are landlord that are allowing there places to go back to the bank…. They can not keep good tenants anymore and can not keep tenants. It is a real shame and it is really unfair all of these people were honest business people trying to make a dollar. Now the government is cheating them out of there retirement and financial stability.

Who can I write who will actually care . Before I am the next victim

By: $8000 Home Buyer Tax Credit, Let it Expire

$8000 Home Buyer Tax Credit, Let it Expire — Tue, 27 Oct 2009 22:28:21 +0000

[...] you read my post earlier in the month with reasons why the $8,000 tax credit should end, you’d know that I’m not a fan of the program; I’m not a fan of any government [...]

By: San Diego Homes

San Diego Homes — Fri, 02 Oct 2009 07:34:00 +0000

I’m personally in favor of the tax credit. There is going to continue to be government stimulus in one form or another. Most of the spending goes to much more dubious projects that have a far longer “trickle down” effect in the economy. The $8,000 first time home buyer tax credit has given direct stimulus to local economies. And the money has not been a waste. Supporting the real estate market has helped avoid larger losses in the bond and equities markets, and on every home owner’s balance sheet.
San Diego Homes´s last blog ..SanDiego Real Estate Prices Up Again

By: JaysonNHS

JaysonNHS — Fri, 02 Oct 2009 02:13:23 +0000

@Bruce – good point. I wish appropriated doubled for “it’s within our budget”

By: JaysonNHS

JaysonNHS — Fri, 02 Oct 2009 02:08:26 +0000

Sweet! thanks for the correction Jay

I guess I should have re-read our earlier post about the tax credit

[scratching my head]

By: Jay Thompson

Jay Thompson — Fri, 02 Oct 2009 01:10:59 +0000

Another great post.

But one point of order. You say, “The tax break has no income limits meaning all first-time buyers qualify for the tax break whether they need a break or not. The rich qualify for the tax break just the same as the unfortunate.”

That’s not correct. There is an income limit — for single taxpayers it’s $75,000 and the limit is $150,000 for married taxpayers filing a joint return. (source = http://www.federalhousingtaxcredit.com/2009/faq.php#4 )

Granted, the majority of first time buyers probably fall below those limits, but “the rich” clearly don’t qualify.
Jay Thompson´s last blog ..Phoenix Real Estate Guy Turns Pink

By: Bruce @ Augusta Real Estate

Bruce @ Augusta Real Estate — Thu, 01 Oct 2009 20:22:47 +0000

All great points – The $8000 tax credit as well as the “Cash for Klunkers” programs have already been funded. The money is part of the $787 Billion “Spedulis Plan” that congress approved earlier this year. We aren’t adding to that amount with these programs, just using the money already appropriated.
Bruce @ Augusta Real Estate´s last blog ..Awesome 4 BR 3BA All Brick Rancher in Columbia County

By: best

best — Thu, 01 Oct 2009 19:19:38 +0000

I pretty much have the same thought as the posting. I think the $8,000 tax credit for first home buyers should end as it just creates temporary demand for the housing market (like clunkers for $). The government should not keep throwing taxpayers money to stablize the housing market. This credit is offset by the “upward” market price. If this program has to be extended or expanded, it should be shared by everyone, not just for first time home buyers. If so, the housing market would go back up easily. Hopefully there are no bubbles then.