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Stimulus Package and Housing

By
Real Estate Agent with American Invsco

Kenneth R. Harney recently wrote on the effects the upcoming $825 stimulus package will have on the housing market.


As Harney reports, the stimulus will “offer a little tax improvement for first-time homebuyers using the current $7,500 tax credit by making it non-repayable”. The idea of a non-repayable tax credit is more inviting to the home buying process, as it is more of an interest-free loan.


It is still unclear what the government can or is willing to do to help the housing market, but the tax credit idea is one that can greatly help, as home buyers would be more inclined to make a purchase. We will have to see in what direction the stimulus package goes.

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Connie Lou Barnett
Real Living/Home Realty - Owensboro, KY
GRI,CRS,CRB,SRMM,ARA,PRS,SFR,QSC

I think we need to quit giving money away.  What happened to saving for a down payment? With no investment from the buyer is what caused most of this mortgage problem to start with so lets get back to basic.

Jan 20, 2009 02:08 AM
Brian Griffis
Realty Choice - Springfield, MO

Agreed Connie.  And what happened to work hard and invest and you will be rewarded.  Now, if you actually did stay in your home and pay it off, you are being punished.  Why not give a $7500 tax CREDIT to people who actually pay their mortgages, not just first time buyers?  If one defaulted on their mortgage three years ago and went to foreclosure, they would be eligible for this, but someone who owns a house would not?  Seems topsy turvy to me.   

Jan 20, 2009 02:13 AM