Economic Stimulus Plan Doesn't Do Much For Real Estate

By
Real Estate Agent with Atlas Real Estate Advisors

The very industry that most believe pulled down the economy didn't get much attention in the recent $789 million economic stimulus plan passed by Congress last week.
The Senate had originally proposed a $15,000 tax incentive for homebuyers, but it was watered down before the bill passed. Now, homebuyers that buy before December 1st, 2009 will receive a tax credit of $8,000 instead ... and, the revised incentive is only available to first-time buyers.
There are several other minor
Personally, I don't agree with the stimulus package in general, but if the money was going to be spent, it would seem that more attention would have been paid this "problem area".

Comments (3)

Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Matt I feel the same way.  The original 35 billion was cut down to 2-3 billion for the 8K credit.  The stimulus bill was originally supposed to be about the real estate, but seems like that was lost in the incredibel grab bag of pork!

Feb 16, 2009 12:44 AM
Anonymous
Lets give a "Tax Credit" to those already in a home

Lets give a "tax credit", right now, to those in danger of Froeslocure!  Washington still doesn't get it!  There are still no plans to help those who are loosing their jobs, or incomes have been cut, and are now in danger of Foreclosure.  The manipulation of the Oil futures and Adjustable mortgages is what caused this mess in the first place!  We need to remember all of our Politicians who are blatantly ignoring the voice of the American voter, so we can make a change next election!!

Feb 16, 2009 01:40 AM
#2
Anne Lok
Berkshire Hathaway HomeServices Toronto Realty - Toronto, ON
Toronto Modern Real Estate

I see this more as a global problem and I am not sure how long it will take to turn real estate around. As bad as the US economy, EU, Japan Russia, China are also in as bad if not worse, with their currencies in a desparate attempt to avoid economic collapse. I recently watched a very interesting interview of Fareed Zakaria on his book "The Post-American World". Zakaria's commented on China being a key player to buy America's debt. At present, China is facing a choice between spending more money on boosting domestic demand or lending more money to US treasury. However with China's own economy slowing down sharply, as US and EU stop buying Chinese exports, naturally the Chinese will worry about it's own people first, and this will ultimatley affect US policy. 

Mar 01, 2009 12:02 PM

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