Profile picture for UCLAJeff

Do you think they will extend the $8000 tax credit? The market is so crazy right now in so cali. Pro

  • October 13 2009 - Long Beach
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Answers (16)

Profile picture for blue screen exile
98-0 ----> the 2 senators from each state represent the "states" issues, not the people.  Thus they are looking at "property tax".

12 voted against it in the House.  Well, they ARE supposed to represent the people, but everyone knows they don't represent the people but rather the mega-corporations and the multi-billionaires.  Thus they are voting again to bail out the banks that are still on the verge of insolvency.

What it really states is that all these politicians know that housing prices are still highly inflated across the nation, and that they would fall off the cliff if the credit suddenly stopped.  It also indicates they know the pool of "first time buyers" is quickly drying up.

So, the real question now is what they will do in April as this short "crutch" is not going to get them very far into the coming 3 year back log of loan defaults.
  • November 06 2009
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Kim, it hasn't been extended until Obama signs it... We know it will happen, but until you see that headline on CNN, it hasn't happened.
  • November 06 2009
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Well now that the tax credit has been extended a more important issue is how fast the mortgage interest rates are going to climb over the next year.  We will have to wait and see.
  • November 06 2009
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Profile picture for sdepla
Actually since it was a 98-0 vote (note sure of the house #'s), it is a veto proof majority, thus a guarantee of it going through.

Edit note: admittedly it is an amendment and can get stripped out, but the odds of that are astronomical.
  • November 05 2009
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yeah, I know it is 99% likely to pass, but darn it, we've had 1000 posts saying it already passed on here, really just demonstrating a total lack of understanding of basic constitutional procedure...
  • November 05 2009
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Profile picture for BMFPitt
As much as I love your optimism, Rob, I think it's more likely that Obama would resign from office to take a job at Fox News than it is for this not to get passed at this point.

98-0 in the Senate.  I feel physically ill just typing that.  Not even a single Senator stood up for the people they represent in this assault on our future.  I have never felt so terrible about our elected leaders as I do rigth now, and that's saying A LOT.
  • November 05 2009
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actually, kim millan, you might try reviewing 8th grade civics. it is a done deal when the president signs it, not when one house of congress votes on it.
  • November 05 2009
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Done deal
  • November 05 2009
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Profile picture for The Leonardo Group
Hi UCLA,

Well i should hope so.
In my opinion it has made a big difference in the market.
I am located in a area in california where houses can go from low 100ks and those are the buyers taking the most advantage of the tax credit.  It is an important segment of the population and our workforce.
Cheers,
  • October 14 2009
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Profile picture for jdsdaddy
I have little doubt that an extension of some sort will be implemented.  Politicians know full well that that taking any kind of action, even if it's idiotic and doomed to fail, is better than being perceived as doing nothing. 

This just pushes my home purchase back a few more years.  When I sold in 2007 and decided to rent, I thought most of the mess would be worked out by now and I would be fully engaged in the buying process.  But with all the government intervention, which does nothing more than to delay the inevitable, I made the no brainer decision to sign an 18mo lease which resulted in a reduction of $600/mo or twenty seven percent.  

The geniuses in Washington might be able to prop housing prices for a while, but there's little that they can do about falling rents.  And when rents become so attractive that buying makes even less sense than it already does, guess what kind of pressure that puts on prices?  Again, just delaying the inevitable.  At least I'll have an answer when, twenty years from now, my kids ask me why their taxes are so freakin' high.
  • October 14 2009
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Profile picture for workabee
NAR wants an extension real bad or they don't have money to buy their kid the GI Joe with the Kung Fu grip for Christmas. They're panicking out there. Congress is bought and paid for so the deal's as good as done. 8K will be back maybe for all buyers this time.
  • October 14 2009
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I believe we will see an extension--not only to the $8,000 tax credit, but also to the Hope for Homeowners program which also expires at year's end.

  • October 14 2009
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Profile picture for klarek the realist
No, the govt does not have to extend or expand it.  They should let it die.  Fingers crossed....
  • October 14 2009
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there is talk about extending the tax credit yes. many are for and against the extension. they tried for 15k last year and it was declined there is talk of an increase and extension. But no-one knows until its passed
  • October 13 2009
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Profile picture for Whitney T
Hi, Whitney from Zillow. Here is a link to some research Zillow has done on the tax credit,and the impact of extending it.

In summary, extended tax credit could, at minimum, stimulate an additional 334,000 home sales compared to what we would otherwise expect to see during the period between December 2009 and November 2010.

More here....
Blog post: http://www.zillow.com/blog/the-possible-impact-and-real-cost-of-extending-the-first-time-homebuyer-tax-credit/2009/09/23/
Press release: http://zillow.mediaroom.com/index.php?s=159&item=155
  • October 13 2009
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The government has too. They may even double it. My understanding is 1 out of 8 homes in America is under foreclosure. And that is going to rise when the first round of buyers w/ the $8K tax credit lose their jobs.
  • October 13 2009
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