There.  I have said it.  I will say it again...

I am against any expansion or extension of the $8000 first time home buyer credit.

It was a nice idea that has served it's purpose.  But now we need to let it pass gracefully into legislation heaven...

The tax credit showed the government cared.  It spurred on the staggering housing market.   It gave Americans an extra incentive to "invest" in their futures.

But if it worked so well, why do we need to extend it?  Or expand it?

If the housing market has bottomed, why don't we let it stand on it's own?

Do we really want the government "paying" people to buy homes?

I don't.

Ken

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12 Comments on I AM AGAINST ANY EXPANSION OR EXTENSION OF THE $8000 FIRST TIME HOME BUYER CREDIT...

OCT
08

Preaching to the choir Ken.  But, do you really think the government ever heard of a giveaway of taxpayer money they didn't like?  Of course this will be extended, and probably be expanded to everyone.  The bankrupting of our country WILL continue.

9:47am • #1
334,973 Points 19 Featured Posts Outside Blog

I wasn't a huge fan of the credit to start with and I am with you, it now needs to move on. It served many people who were able to claim it, but we can't keep raising the national debt by constantly handing out "free" money.

9:51am • #2
194,189 Points 14 Featured Posts Outside Blog

Hi Brian and JL.  Thanks for stopping in.

It has been around for two years.  Frankly, two crappy real estate years!:)

Considering the NAR seems pretty conservative, I am surprised how they like govt spending when it benefits them...

Thanks again,

Ken

10:23am • #3

I believe that extending the first time homebuyer tax credit would be a mistake. It would artificially and temporarily slow the correction of house prices, it will add to the national debt for reasons that aren't justified in my opinion, it will tempt people to buy a house when they are not quite financially ready(sound familiar?), and I also believe that many of these will end up in foreclosure in the near future. The tax credit is a government narcotic meant to placate and convince the people that government is doing something good. The money(tax credit) has to come from somewhere and that somewhere is the people through increased taxes. We have reached a stage where too many people drool over and grab at any government giveaway, not realizing nor recognizing that the main impact of these giveaways is the further weakening of the economic and moral fabric of our country.

The bottom line on the homebuyer tax credit is that it is politics as usual but very bad policy.  I have a real problem with the NAR supporting this aggressively.  If I had the option I would withdraw my membership in the NAR because of this as well as the minimum entrance requirements to become a member of the NAR.

George

10:33am • #4
Outside Blog

Ken, I'm probably like many in the industry that think more government laws and financial support aren't the answer.  But it still remains to be seen what effect existing mortgage rate resets will have on FC's and subsequent inventory.  A recent CAR/NAR survey indicated that 40 percent of this years home buyers purchased because of the $8K credit.  Perhaps the real estate and economy are a bit like a person that's been in the hospital. The patient should be able to stand on their own when they're well. I just not sure the patient is well yet.  And I for one don't want to see a relapse. So I'm keeping a close eye on him until I'm sure,LOL.

10:40am • #5
323,187 Points Localism Sponsor Outside Blog Hit Router

Ken

I have to say you may have the right frame of mind on this issue. It 'feels good" for the moment but what about next year and the year after. We will all pay in the end.

11:25am • #6

I'm on the fence Ken. I just started catching up on my bills again! But I also know and understand the important issue - it will bottom out sometime, let's just get over it and get on with the next.

12:26pm • #7
194,189 Points 14 Featured Posts Outside Blog

Hi Trey, Chain, and George.  Thanks for stopping in.

Wow.  George.  You say it better than me!:)  What he says...

Chain, I don't believe that stat about 40%.  My clients moved if they needed to move.  The credit was a small bonus.

I actually think it is slowing down sales.  People waiting for "the extension/expansion".

Stop the madness...

Thanks again,

Ken

12:29pm • #8
339,209 Points 4 Featured Posts Outside Blog

Ken - I am in agreement with you, with one exception, however. I would extend it for military stationed overseas during the eligibility period. The extension would be for 1 year. I would keep it at $8000 for military in a non-combat zone and $15000 for those serving in combat. I would also remove the first time home buyer requirement for them.

7:02pm • #9

This country treats our military worse than we treat folks who enter this country illegally!

7:29pm • #10
OCT
09

I'm with you!  The fact is our Nation is floating funny money as it is.  Our children will pay the price for our poor decisions.  Every $8,000 that "Uncle Sam" gives to someone, is another $8,000 plus all the interest...which is sizable that the tax payers are all going to have to pay.

Why should non-homeowners have to foot the bill for the few % that got this freebie?

Answer:  obama is buying votes.  Nothing else to it.  If the administration really wanted to fix the economy they would have alredy implemented the laws they are JUST NOW talking about!

Georgia
6:58am • #11
194,189 Points 14 Featured Posts Outside Blog

Hi Georgia, Ross, Mike, and Teresa.  Thanks for stopping in.

I don't know about a military exemption.  Possibly.

But lets stop the madness!

Thanks again,

Ken

9:19am • #12

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Ken Tracy Realtor Naperville Illinois Real Estate

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