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This is not a done deal and with the way our congress works, I wouldn't hold my breath that this gets done and in this way. I hope, for the sake of buyers and sellers out there, that it does, but I won't hold my breath.
Barbara, I'm no economist and will leave the details to folks like "azrob" and others more qualified. I do understand a few rather important aspects of money and money management. First and most important is you should not spend money you don't have, nor should you borrow more than you can ever really expect to pay back.
Whether the federal government is borrowing or printing the up to $8,000 per new home buyer is the real issue.
The thought of deficit spending and increased debt sickens me when you consider by design it encourages more individual debt. It just makes no sense that the thinking in Washington is that we should create more debt and encourage our citizens to do the same.
We mocked GW Bush when he said "Go shopping".
I also agree this is poor policy and like Rob I have taken graduate-level economics classes (although Rob has probably taken more of them and is more adept at economics explanations).
Finding ways to create sustainable jobs (as opposed to ones we don't need and don't provide economic value) and incenting good business practices are far better ways to stimulate the economy. Policies like the homebuyer incentive (which will saddle us with far more debt than the wealth they create), and this nonsensical healthcare bill (which will create further net job losses), are nothing but bad juju.
net job gains = more solid economy = recovery
net job losses + increased tax burden + artificial equity = recession/depression
Certainly I didn't make the comparison, I just found it interesting.
Obviously, you can't make any real comparisons until the book is closed on both administrations - maybe even decades later when a more comprehensive set of consequences can be gathered. I do find it interesting though that the media has kid-gloves on. I think it may be confusing some of the policy decisions with a lack of critical feedback.
... and, it's free and anonymous
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Update on Possible Homebuyer Tax Credit Extension
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Doug Reynolds
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Some encouraging news on the extension of the $8000 tax credit…while it is not a done deal (as it still must be reconciled between the House and Senate and then voted on for final approval), it's looking good. And it's not only looking good for the extension, but there are some additional enhancements to the credit in the works as well. Yesterday, the Senate reached an agreement to extend the $8000 tax credit for first-time home buyers. They also added a $6,500 tax credit for other primary home purchasers, meaning not just limited to first time home buyers. They also raised the qualifying income limits in a very meaningful way – singles were increased from $75,000 to $125,000, and joint taxpayers from $150,000 to $250,000. Buyers must have executed purchase agreements in hand by April 30th, and then will have until June 30th to close. More details are likely to come, and changes could be made as reconciliation and voting takes place.
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