One of the best solutions to help solve the economic dilemma may be to extend this $8000 first time home buyer credit to all home buyers for the year 2009. Or offer this credit on a limited basis.
Imagine if you would, taking only 5 billion out of the pockets of the banks, that have shown they are good at loosing money. Instead this money should go into the hands of tax payers. This 5 billion would give an $8000 credit to 6,250,000 home buyers. This should go to all home buyers in 2009, not only first time buyers. This is what we need to really turn the economy around. Housing sales would go up, the stock market would follow. Businesses seeing relief would be hiring instead of firing.
There are approximately 4.5 million homes for sale nation wide. 5 billion dollars would cover about 13% of the available homes on the market. It would take about 30 billion to cover every home sold in an average year. A good portion of the money is already allocated to first time home buyers. It would not take an additional 30 billion to initiate this program. Wouldn't a tax credit given directly to all home buyers in 2009 stimulate the economy?
Write your representatives with your ideas.