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...

 
This post has been included in Illinois Information

4 Comments on Proposed 15k Tax Credit to all Buyers

JUN
22
1 Featured Post

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.

1:02pm • #1
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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. 

1:59pm • #2
292,128 Points Localism Sponsor Outside Blog

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

2:11pm • #3
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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.

9:33pm • #4

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Rick Hauser, ABR, CNE, GRI Exclusive Buyer Agent - 100% Buyers

Hawthorn Woods, IL

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