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Home Buyers $8,000.00 Tax Credit May Be EXTENDED!!

Just read that lawmakers are trying to extend the $8,000.00 homebuyer tax credit!

Apparently, the U. S. Senate is considering a plan to extend & expand a stimulus-package
provision, giving first-time homebuyers an $8,000 federal tax credit!!
The stimulus-package credit allows first-time homebuyers to reduce their
federal income taxes by 10 percent of the price of a home, up to a maximum of
$8,000.00. This is exciting to read about because currently, it's set to expire 12/1/2009.

The proposal would extend the credit to June 30, 2010. Also, it would remove
the "first-time homebuyer" requirement, and raise the eligibility income limit to
$150,000, or $300,000 for a couple!! Fantastic!!

The U.S. House of Representatives is also looking into extending and expanding
the popular tax credit, which according to IRS data has drawn more than 1.4
million applications from first-time homebuyers for houses in 2008 and 2009.

Here's where I read about this...
http://mailgate.ventura.courts.ca.gov

Have a super Saturday!!!

Posted by Temple Schneider'Callahan - Ventura, CA on 10/17/2009 11:38 AM

Comments (9)

homebuyer, tax credit, buying, ventura, camarillo, ojai, oakview, irs, money back, first time home buyer

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9 Comments on Home Buyers $8,000.00 Tax Credit May Be EXTENDED!!

OCT

The government should be using those funds to create jobs. Handing out money to a select group of people is a bad policy.

Temple:

Thank you for sharing.

Larry Blinn

Long and Foster Real Estate Inc.

Does it say when this bill will pass?

This is great news, thanks for posting!

Hey Ray,

No passing date that I saw, but I'll be reading up more because this is so great to tell our Buyers about!

It appears many people are not that excited about the Tax Credit being extended. I think maybe they are just looking at the impact to their local markets. Some communities can/could/or have used the credit.

I guess the impact in some regions is not that great, but here in Lawton OK, where the median price of a home is just over the 100,000 mark, the tax credit makes a big difference in sales. Also as our prices did not fall that much during this recession, the combination of great rates and the incentive has made for very positive real estate market here. Inventories are down, new construction is up.

So I hope it does pass!

I like the effect the tax cut is having on the economy but am very worried about them making the loans easier to get. The banks could be looking at a new round of bad loans in a year or two.

Why $8,000? Why not $6,000?

Wow - quite a stir I'm causing! Thank you for all the new and interesting points of view! I will do some more reading. For my Buyers, this proposed extension of the $8,000.00 Tax Credit, is good news because they have been unsuccessful at being selected in multiple-offer situations (so far). There is a TON of competition for Buyers here in Ventura County (CA), in the 300K to 400K price range. It just gives these Buyers more time to get into a deal - and still gain this benefit.

OCT

Temple, I too believe that the tax credit is very bad policy, as do many other Realtors in my area. After you do some more reading I'm sure you might think differently also. I have commented on this in other forums(http://activerain.com/blogsview/1278358/the-tax-credit-politics-as-usual-but-very-bad-policy). Basically, the tax credit is just another government handout that will contribute to higher taxes and increasing the national debt. It will not fix the problem but will serve as a temporary bandaid that will only delay needed housing correction. A big part of the problem in our country is that we have too many people who jump at and salivate over "free money" from the government. The tax credit is not "free money" as some people think and it will only exacerbate the economic problems in our country.

NOV

Thank you for your continued support to Expand and Extend the Homebuyer Tax Credit. We are very close, but we need to ask for your help one more time. Please make a quick call to your Senator's office today to ask for cloture* on the Unemployment Insurance Extension bill that contains the tax credit provision. This cloture vote is scheduled for Monday evening - 11/2/2009. Sixty Senators must vote yes so that a vote can be scheduled on the tax credit.

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