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voting on the tax credit

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rockymtngrl
Frequent Contributor

voting on the tax credit

Just saw on CNBC that the senate could vote on extending the tax credit today. It also said one of the things they are looking at is phasing it out over time to $6000 in April and going down $2000 every 2 months until it ends in 2010. Stay tuned...
Message 1 of 34
33 REPLIES 33
rockymtngrl
Frequent Contributor

Re: voting on the tax credit

The story I herad was on tv- but here is an idea of the timeline I found. http://www.cnbc.com/id/33482504
Message 2 of 34
Anonymous
Not applicable

Re: voting on the tax credit

Too bad it doesn't sound like they are trying to increase it... would be awesome if they voted on and passed an increase a few weeks before I closed. Smiley Very Happy
Message 3 of 34
Anonymous
Not applicable

Re: voting on the tax credit

don't get me wrong i loved the tax credit, and i sure took advantage of it when i bought my house this year, but i'm a little suprised they are extending it.  From what i recall home sales have been generally up.  People are buying out there.  Granted they are probably still not buying a considerable amount of new builds (mostly due to forclosures, short sales, etc.) but they are buying. Any thoughts?
Message 4 of 34
Anonymous
Not applicable

Re: voting on the tax credit

I think the credit pushed a lot of people to buy homes that may have considered waiting. I'd be curious to see if no extension is passed what type of effect there will be on the housing market.
Message 5 of 34
Anonymous
Not applicable

Re: voting on the tax credit

I wonder.... I do know that now that the "Cash for Clunkers" for cars program is over, car sales have gone way down...
Message 6 of 34
hawkeye33
Regular Contributor

Re: voting on the tax credit

I'm currently awaiting appraisal to come back (supposed to have a number today), and I can say that if something goes way out of whack and I can't get this deal done before 11/30, I will likely walk away if they don't extend the credit.

 

Maybe what they should do is, rather than extending it entirely through 2010 even with a phase out, put a provision in that says if you sign a contract before 12/31/09 AND if you close within x months of the signed contract, you get the credit.

Message 7 of 34
Anonymous
Not applicable

Re: voting on the tax credit

The tax credit did help home sales but only on one level, the majority of home sales of course went to first time buyers. However, this credit did not help those who wanted to move up to bigger or more expensive house. Also a great number of the sales were for forclosures or short sales, but the average home seller had a difficult time selling their homes and therefore couldnt move up. The housing market will only truely rebound when that section of the homebuying population has finds a way to purchase homes as well. Think of it this way, all the crap of the housin collapse trickled down, but the credit didnt trickle up. There was talk that if extended the credit would also include those people and therefore spur the market to recovery, that was the original purpose of possibly increaseing the amount of the credit
Message 8 of 34
Anonymous
Not applicable

Re: voting on the tax credit

Here is some new info on the tax credit:

 

Democrats Agree to Extend Home-Buyer Tax Credit: Dodd

 

http://www.cnbc.com/id/33493223

Message 9 of 34
DallasLoanGuy
Super Contributor

Re: voting on the tax credit


@Anonymous wrote:
I wonder.... I do know that now that the "Cash for Clunkers" for cars program is over, car sales have gone way down...

 

We are canibalizing future buyers today.

It is a short term fix and NOT the answer.

 

The car business did it to themselves with employee pricing. Was a disaster

Retired Lender
Message 10 of 34
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