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Why We Need the $8,000.00 First Time Home Buyers Tax Credit!

By
Real Estate Broker/Owner with Home Point Real Estate DRE # 01492725

Why We Need the $8,000.00 First Time Home Buyers Tax Credit!

Anyone familiar with my comments know that I think we should keep this Tax Credit as it is the only Bailout/Tax Relief that is actually directed at middle class Tax Payers.

The NAR has waived it's magic wand and come up with these numbers to support it and it's extension before Congress.  Since the Tax Credit Inventory has dropped nationwide from 9.1 months to 8.2 months.  Every Home Sold pumps $63,000.00 into the economy.  Putting $63,000.00 into the economy creates one new job. 

NAR also went after the evil beast HVCC before congress. 

Agree or disagree with the numbers (and there is a lot of room to fudge them) there they are.

Comments (3)

Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

Where are you coming up with the $63,000 figure?  I know that for the 334,000 additional homes that are expected to sell because of the tax credit, the cost of a sale which otherwise would not have happened is $44,500... that would be the 334,000 home divided into the $14,86 billion the plan costs...

Oct 09, 2009 01:43 PM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Lane,

I know your thoughts on this and understand them.  This is not my figure, these is NAR's figure.  AS noted in my post I think there is plenty of room to fudge the numbers either way.

Oct 09, 2009 02:40 PM
Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

Gene,

Great information in this post. I agree and think it is a wonderful program for middle class tax payers. Thanks for sharing!

Your friend in the Cosmic Cow Pie.

Oct 13, 2009 06:11 AM