$8000 Tax Credit Extended and Expanded!

Awesome - that's really great news!

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November 06

dacolan
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Lobbyists 1, America 0

And the "Debt-Slave Bait" lives on.

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November 06

falsedawn
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Awesome - that's really great news!

For who, exactly?

Certainly not the taxpayers who are footing the bill, and outnumber those "taking advantage" of it by hundreds, if not thousands to one.

It's not even good for homebuyers who get the credit since they are almost certainly over-paying.

The only people who may benefit from it are the REAs due to temporary (artificial) increase in buying activity it may bring (and even that's moot, since apparently, most people who buy were going to anyway, credit or not).

The sooner this ridiculous credit is abolished and the market finds its own level, the better.

Talk about short-sightedness!

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November 06

White Picture
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UPDATES NEWS: The President is still take the breakfast, and takes the cigarette after that , hasn't sign yet!

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November 06

klarek the realist
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"Awesome - that's really great news! "

For who???

Homeowners? It creates a surge of demand that drives up prices, as we've clearly seen this year.

Taxpayers? It is wasting billions of dollars, most of which is going to people that would have bought anyway.

Real Estate Agents and Lenders? Hmmmm.... increased sales volume leads to increased commissions. I can see why YOU would like it, Tracy.

Damn America to hell, so long as the real estate industry gets to profit from it. I'm going to go throw up now.

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November 06

Pasadenan
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Don't forget about the "lending institutions" that are being "bailed out", and the up to $200k per "depositor" that the "government" (taxpayer) guarantees. And then there is the "seller" that missed the 2005 window of opportunity. The congress is just trying to give them a chance to liquidate before it is too late.

Sure, the Realtors are being kept employed by the "handout" But that is not why it was passed so overwhelmingly. It was passed because they don't want to restructure all the banks, they don't want to break-up all the mega-corporations, and they don't want to pay out any money to pay off depositors due to the FDIC "insurance".

I say, break up the banks, and the ones that don't break up properly, just transfer their accounts to the U.S. post office rather than issuing cash.

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November 06

Pasadenan
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"Damn America to hell, so long as.." -

Congress already did that when they approved the building of 3 BILLION tons more nukes a few years ago, and continue to decide to keep much of the existing 3 BILLION tons of nukes on "trigger alert".

And NAFTA and other "trade" agreements that guaranteed that the mega-corporations can hire slave labor and pay no taxes on it didn't help either.

So, the slave "owners" will continue to keep the system from working properly for the rest of us.

Which is why the real kingdom is not of this world, and why we are to be in the world but not of it.

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November 06

somersetVA
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Sam DeBord, "SeattleHome.com"

That is HORRIBLE news...it means we have to wait even LONGER now for prices to drop where they need to be. And, we are now paying how much for our gov't to continue propping up this housing market with "incentives" and low interest rates?? Very annoying.

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November 06

Sam DeBord, "SeattleHome.com"
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Thea - Welcome to the Zillow "Firing Line". Thick skin required. Good luck.

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November 06

lamaSr
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Link:
http://www.zillow.com/advice-thread/why-continue-paying-a-mortgage-if-you-owe-more-than-the-home-Why-not-forclose-and-buy-back-for-less/286795/

According to the Wall St Journal, the IRS is already investigating 100,000 cases of suspected fraud in conjunction with the tax credit.
Therefore, this is great news for Tracy, who recommended on another Zillow thread that that an underwater homeowner sell to a friend, which is also fraud.
Quote:
"If you foreclose you won't be able to obtain financing for at least 3 years - not a good ideal to have a foreclosure on your credit profile - another option would be to have someone you know buy it on a short sale and let you lease it back from them unitl you're in a position to buy it back at the lower price.... Hopes this helps!"

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November 06

Koury Thea, "Thea K"
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Koury Thea, "Thea K"

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Wow, Sam your'e right .......Tough Room!

Aww thats ok my clients are THRILLED.........and since I am a buyers agent when my clients are happy I am happy!

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November 06

jdsdaddy
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Tiffany Bond, "TiffanyBond"

Aww thats ok my clients are THRILLED.........and since I am a buyers agent when my clients are happy I am happy!

Since you wrote this, it is only fair to ask you how many of your clients from 2006-2008 are thrilled? Are you happy for them? Or is it once they complete the purchase, they are no longer your clients so tough luck? How hard are you pushing this tax credit onto your present clients, since it seems you are heralding the extension on multiple threads here? Are you telling your clients the effects of the credit may be short lived and prices may actually decline in the near future? Or are you going to use the old "crystal ball" line and just tell them that now's a great time to buy?

Being positive is one thing, but if you fail to tell them that such a unique, vast and never before implemented program such as this tax credit also has potential risks, then you are doing your clients a disservice. But they are happy now, and you get your commission, so that's all that matters, right?

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November 06

Tiffany Bond, "TiffanyBond"
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Yeah...so clients probably won't be thrilled when the silly credit goes away and prices drop. I'm also primarily a buyers agent and this makes me very sad. I suffer from an overwhelming honesty gene and feel compelled to tell them they will probably get a better price when there isn't a credit to incent the market and artificially raise prices.

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November 06

Koury Thea, "Thea K"
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Tiffany Bond, "TiffanyBond"

Mr. Daddy, I stay with my clients for as long as they will have me.......I tell my clients if they ever need me I am still their agent.........

Also, I am not sure where you are, but here in Texas my clients are getting great deals.......yes the sellers are having a tough time......but once the market steadies the Sellers will be thrilled and I will work even HARDER for my buyers to get them good deals.......

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November 06

Tiffany Bond, "TiffanyBond"
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For the realists on the board...it's noteworthy that economics classes of any sort are not a pre-requisite to having a real estate license. (Sort of a shame if you ask me, but then so is leaving out ROI, taxation, contract law, etc, etc)

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November 06

jkonstant
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Jason Bonas, "Jason Bonas"

Great, now we get months of unqualified buyers asking question here instead of asking their lender only to be followed by months of questions asking whether this credit should be extended.

The public just doesn't get it. The United States of America cannot afford this. It really is that simple.

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November 06

Jason Bonas, "Jason Bonas"
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lol, let me gingerly step into the firing line. As I have always stated I have mixed feelings on it. but, I am happy for all those who take the credit and as it has been asked earlier in the thread are the 04-06 clients happy. Yep. I didn't sell them on homes that were out of there price range based on speculation that they could get rich quick. They bought homes not psudeo investments. Some of which used 1st time buyer programs that have been around for years and require the owner to meet certain guideline in terms of percentage the mortgage payment to take home pay ratio (sorry no loans equal to 50% of your pay) and no refinancing or HELs or HELOCs before "x" amount of years. so they didn't take the equity out and wonder why they are unable to sell and profit or at least break even (I am aware that my area hasn't dropped as much as others but, I also have my clients make realistic purchases and decisions and turn people away who can't operate based on that principle). so a good percent could at least break even in this market or take very minimal loss.

I explained fully to a group of first time buyers in a seminar what the tax credit does in terms of pushing prices up. But, I also explained how that slight increase reduced the amount of investor and pretend investor competition.

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November 06

jdsdaddy
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Tiffany - your honesty is refreshing to say the least. I probably wouldn't go so far as to expect agents to tell people to not buy, but if they are going to 'accentuate the positives and eliminate the negatives', are they truly serving the client's best interests? It makes the terms "fiduciary duty" and "code of ethics" seem pretty hollow, doesn't it?

Thea K - you didn't answer my question. Are you giving your clients all pertinent information and letting them make an informed decision? Or are you only telling them that the credit is a great thing with no possible downside whatsoever?

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November 06

Roberto Ribas, "azrob"
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incentives ALWAYS lead to higher prices, when the incentives end, excluding some other change in the market conditions, prices will be lower. I see another agent posting on here without a foggy notion about economics...

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November 06

lamaSr
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lamaSr

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I'm in favor of an $8,000 tax credit for anyone who has a CPA prepare his taxes. Guess what I do for a living?

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November 06

BMFPitt
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Tiffany Bond, "TiffanyBond"

Is there room for my tank in the firing line?

I'm thiinking about trying to get an ambush interview with my yea-voting Congressman next time he is around and asking him to support my proposal for legislation for everyone who voted for the extension to be tried for economic treason.

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November 06

Tiffany Bond, "TiffanyBond"
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I should clarify - I don't tell everyone not to buy, but I do caution them. There are still reasons for people to buy. For example, I have my eye on a house that is priced at about 1/3 of the price of the market (but is totally trashed - I have a thing for tools). Many people like to alter the places they live so much so that renting is not practical. Others like to fix broken things or restore historic homes. Some people never want to worry about having to move again (presuming they can make their mortgage payments to the completion of the contract, pay cash, or have some bill that kicks them out). Some people just prefer to own. I thinking buying can be a good thing if you know what you are in for and it works for you. I just don't think it should be entered into lightly, without as complete of information as possible.

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November 06

White Picture
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"asking him to support my proposal for legislation for everyone who voted for the extension to be tried for economic treason."
There are no economic treason's laws, therefore you can't try anyone for the economic treason reason.
However, since the people don't know what to do with the rebate, they may eat more than usual and they may get obesity, you can sue the lawmakers for "endanger public health"

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November 06

White Picture
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"endanger public health" -> "endanger to public health"

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November 06

Bob Lowery, "Bob Lowery"
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Certainly not the taxpayers who are footing the bill, and outnumber those "taking advantage" of it by hundreds, if not thousands to one.

Then quit your whining and take advantage of the tax credit yourself. Buy a home or zip it. Everyone on here can take advantage of this while they have the printers working 24/7....but, we will have the doomsdayers saying prices will fall....then don't buy.

There is nothing you are I can do about this, its passed....... 403-12 and 98-0. President signed....PERIOD.

It doesnt matter if you agree or not. It's passed. I have bigger concerns like 10.2 unemployment, which is really 17.5% and rising. And, oh my, here come those 2010 and 2011 foreclosures.

For you to think REAs will not try and take advantage of this and try to promote business is silly. And, yes, all professionals should advise their clients of the risks and not tell folks real estate is a short term investment. Home buyers should be buying a home; not a short term investment.

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November 06

Roberto Ribas, "azrob"
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and bob chips in with "stupid thoughts" for the day...

"buy a home or zip it"...

So, if during my college years, I disagreed with the vietnam war, I should have "bombed somebody, or zipped it"

If during the 50's you disagreed with segregation, you should have "segregated somebody or zipped it."

Its called expressing a differing opinion, Have somebody explain the first amendment to you OK?

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November 06

Bob Lowery, "Bob Lowery"
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Blah blah blah!!!

Nice attempt at a spin Azrob! Its law and it ain't changin. I tend to think a tax credit for home buyers to help an economy is a little different than a War or discrimation...

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November 06

Bob Lowery, "Bob Lowery"
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and azrob chips in with "even more stupid thoughts" for the day...

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November 06

Roberto Ribas, "azrob"
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Nope bobbin, all I did was point out how asinine your post was: disparaging everyone who has a differing view because, "its the law so shut up." Sorry if the rather simple analogies went over your head.

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November 06

Roberto Ribas, "azrob"
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