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Proposed 15k Tax Credit to all Buyers

On June 10th, Johnny Isakson, a Senator for the State of Georgia, introduced legislation that would give ALL buyers a $15k tax credit with NO income limitations. Senator Isakson was cited as follows:

“The first-time homebuyer tax credit has made a difference. First-time home buyers used it and the market stabilized, but we don't have a recession in first-time home buyers. We have a recession in the move-up market,” Isakson said. “One of the biggest problems facing the American people today is an illiquid housing market, a decline in their equity, a decline in their net worth and a depression in the housing market that we are obligated to correct if we possibly can.” --Sen. Isakson--

Information Source:

http://isakson.senate.gov/press/2009/061009housing.htm

I hope this one passes. Feel free to write your congressmen about it...

Posted by Rick Hauser, ABR, CNE, GRI Exclusive Buyer Agent - 100% Buyers on 06/22/2009 12:47 PM

Comments (4)

proposed 15k tax credit to all buyers

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4 Comments on Proposed 15k Tax Credit to all Buyers

JUN

I hope it passes as well but I just wrote a blog about releasing all of this information before it can actually be implemented. I think the government needs to take a few weeks and come up with a plan that benefits everyone and then release it. All of these band-aid tactics that change from month to month are doing more harm than good in my opinion. I do hope this one passes though.

One of the biggest problems facing the American people today is an illiquid housing market, a decline in their equity, a decline in their net worth and a depression in the housing market

I'm glad he noticed. However, $15,000 isn't going to help the home owner who is upside down $250,000.

It would be wonderful if this passed. One little step at a time...

I hope you'll remember me if you learn of anyone moving to "The OC" and I will do the same!

Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors

Hi Michael - sure will... I'm here for your Chicago buyer referrals... Agree w Lenn - but something is better than nothing & agree with Todd that they seem to be full of knee-jerk band aid attempted fixes... Ultimately - the only thing that will stem the bleed is lower rates (which didn't happen recently).... So - we are in for more home price bleeding IMO - esp given the upcoming foreclosure rate...

Lots of action here in Chicago in the low end... I'm swamped with first time home buyer clients in the 200's... & now trickling down to 150's...

It doesn't get much lower here unless you want a rat trap... Pent up demand from first time buyers who could never buy before - & the 8k credit.

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