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Answers (12)
- MJCLEAN
- Contributions:1084
true.
- BMFPitt
- Contributions:1207
Took it the wrong way man, I was saying the cost of this BILL will outweigh its benefits.
When has that ever stopped them?
When has that ever stopped them?
- MJCLEAN
- Contributions:1084
Took it the wrong way man, I was saying the cost of this BILL will outweigh its benefits.
- BMFPitt
- Contributions:1207
This will never happen, as its cost will outweigh the benefits.
My parents own their house outright. So do their neighbors. They're worth about the same amount. How much would it cost to flip a house twice? Maybe $3000 and a few hours of paperwork? Depending on how badly written the bill is, they could do it in December and January, then have $27k each.
My parents own their house outright. So do their neighbors. They're worth about the same amount. How much would it cost to flip a house twice? Maybe $3000 and a few hours of paperwork? Depending on how badly written the bill is, they could do it in December and January, then have $27k each.
- MJCLEAN
- Contributions:1084
"flip your home to a friend" ha
This will never happen, as its cost will outweigh the benefits.
This will never happen, as its cost will outweigh the benefits.
P-PIP has be re-energized. There will be no more incentives because PIMCO and Blackrock and 3 others will be absorbing the toxins like a sponge.
Who's bearing the risk? Taxpayers, of course. Who's getting the upside? The fat-cats, of course.
Obama, man of the people? I think not. By November a good deal on a REO will be very hard to find, indeed! The moratoriums will stopper up the flow until the fat-cats cut their deals.
What ever happened to this great country of ours? Andrew Jackson or Abe never would let this happen.
Who's bearing the risk? Taxpayers, of course. Who's getting the upside? The fat-cats, of course.
Obama, man of the people? I think not. By November a good deal on a REO will be very hard to find, indeed! The moratoriums will stopper up the flow until the fat-cats cut their deals.
What ever happened to this great country of ours? Andrew Jackson or Abe never would let this happen.
it hasn't passed either house yet, so why waste breath on it?
AND its a stupid idea; Since this proposal doesn't require first time home buyers, I'll sell my home to my neighbor and buy his house.
Might as well call it the "flip your home to a friend" bill...
Dodd has no business ever proposing anything financial again in his life... He is an embarassment in government.
AND its a stupid idea; Since this proposal doesn't require first time home buyers, I'll sell my home to my neighbor and buy his house.
Might as well call it the "flip your home to a friend" bill...
Dodd has no business ever proposing anything financial again in his life... He is an embarassment in government.
- Pat Bourgo, "Pat Bourgo"
- Contributions:1051
The IRS can retro this and or the 7,500 one also. It will come out in the wash.
- marigolds6
- Contributions:17
The $15k bill exists in both the house and senate and is moving forward in both, but...
it's a non-refundable credit.
it's a non-refundable credit.
If the current sales surge is just a spring-time bounce fueled somewhat by the $8K, then the fall numbers may be dismal indeed.
It took me 6 months to get into a REO, I finally get the keys today. FHA, which is funding the majority of the current loans for "first-time" homebuyers, is a nightmare of red tape.... they did everything but check my DNA. Therefore, those who sign a contract later than September may (probably) not make the Dec. 1 deadline.
If sales drop like a stone in October, then I think we are looking at 3 possibilities: extension of the program under current parameters into 2010; some sort of subsidy on interest rates (which probably will be at 7% or higher by the end of the year); or dropping of the program because other measures (p-pip) are more effective and new money is simply running out. My bet (and I have one literally with BMFPitt on this) is on the last alternative with the first two a possibility.
I just do not see the program expanding to $15K -- a measure of its effect will surely be debated in Congress and its effect is totally superficial and not at all fundamental.
A lot will be determined by the bond markets... and thus the prognosis for inflation.
It took me 6 months to get into a REO, I finally get the keys today. FHA, which is funding the majority of the current loans for "first-time" homebuyers, is a nightmare of red tape.... they did everything but check my DNA. Therefore, those who sign a contract later than September may (probably) not make the Dec. 1 deadline.
If sales drop like a stone in October, then I think we are looking at 3 possibilities: extension of the program under current parameters into 2010; some sort of subsidy on interest rates (which probably will be at 7% or higher by the end of the year); or dropping of the program because other measures (p-pip) are more effective and new money is simply running out. My bet (and I have one literally with BMFPitt on this) is on the last alternative with the first two a possibility.
I just do not see the program expanding to $15K -- a measure of its effect will surely be debated in Congress and its effect is totally superficial and not at all fundamental.
A lot will be determined by the bond markets... and thus the prognosis for inflation.
- Michael Emery, "MikeEmery"
- Contributions:7283
There's a bill in the Senate that is attempting to raise the limit to 15k. This is a resurrection of an earlier bill which begat the 8k credit. No word on whether there is similar legislation in the House.
Here is a quote from the WSJ.
...congressional budget estimates figured that the $8,000 credit forfirst-time buyers would cost between $2 and $3 billion, while the$15,000 credit would cost an additional $35.5 billion.
That's a big hurdle for the bill. Lawmakers would have to justify a considerably larger subsidy for more affluent homebuyers.
My guess is don't hold your breath. The best we might hope for is an extension of the current 8k legislation.
Here is a quote from the WSJ.
...congressional budget estimates figured that the $8,000 credit forfirst-time buyers would cost between $2 and $3 billion, while the$15,000 credit would cost an additional $35.5 billion.
That's a big hurdle for the bill. Lawmakers would have to justify a considerably larger subsidy for more affluent homebuyers.
My guess is don't hold your breath. The best we might hope for is an extension of the current 8k legislation.
- sunnyview
- Contributions:25115
At this point, it is a rumor. I seems to me that the Fed is happy with the economic progress and the movement in the housing sector. I don't think that they will beef up the credit unless the numbers for housing are sliding in a big way for fear of overheating the market. I see the 15K rumor like the 3.5% mortgage rumor at this point. I don't see it happening, but that's just my .02.
I heard a rumor this may go to $15,000. Is that possible?
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