Tax break for new home buyers

[stabnslab_WI]

7,500 dollar tax break for new home buyers. Do we pay it back later on? That is what I got out of it.

[DougMD]

Sounds like another wealth transfer scheme. The housing crisis was precipitated by first time homebuyers with bad credit getting loans they couldn't pay back, and clearly the gubment hasn't learned its lesson.

[hillbillyhunter1]

link??

[DougMD]

I just yahoo'ed an article by searching on 7,500 new home buyers, but couldn't paste it here. Who was it that said democracies will fail when people realize they can vote themselves money from the public treasury? Bush was bad enough, but with congress we're in a whole new era where the gubment bails out everybody and there are no limits to spending. We needed to TRIM spending as it was, now there is no limit whatsoever. I can't wait until we send billions to Africa! [:'(]

[Fieldmouse]

Perhaps you should really be concerned with the millions of dollars ACORN received from this bill instead of the individual person getting a tax break. Obama has a blank resume and always points to his community organizer position. Guess what company that was for?

[Champlain Islander]

I am all for giving a first time home owner a break of some type. That can come in the form of low interest loan with low down payments which focus on a first time home owner. During ordinary times that first home is usually a starter and comes with a lower price tag. As time goes on and the property appreciates then the next purchase which is often larger to accommodate a growing family can be bought using some of the equity built up. To be honest I often wonder how someone just starting out can afford a home at today"™s prices. Real estate around here runs pretty high in cost and after paying rent, paying off student loans etc. there isn't much room for savings towards a home. When I first started out I bought a 4 unit apartment building (a fixer upper) for 15K. I was 21 and lived in one unit and renovated it and then fixed the other 3 before I sold it to buy a brand new duplex. Time went on and I bought more properties with each one getting larger and more expensive. That was easy to do for someone who had nothing then; I don"™t think it is as easy today for a young person. I know FM has done well and perhaps he went way out on the limb to get to where he needed to be. My question to him is picture yourself right out of school with some debt, newly married with a kid or two on the horizon in a year, two or even more. How easy would it be for someone not making a 6 figure income to buy? I did it but it was 39 years ago when a cheap place was 15 K. There is nothing in my county that is less than 200K unless you settle for a trailer. Without some type of assistance I say it would be pretty difficult. Then again who pays for it?

[F3d]

LOL, no wonder why everyone on this site does so well. We need a land value tax fast!

How easy would it be for someone not making a 6 figure income to buy?

There's a lot of places of cheap houses. The problem is the lack of jobs or bad weather. There's some really good deals with the housing crash now. Once the government creates schools, roads, and private companies roam, the value nowhere but up. Around here, a doctor would have trouble getting one. Oh well, I don't care about California or New York anyways.

I don"™t think it is as easy today for a young person.

More accumulated assets within families equals inheritance.

Then again who pays for it?

What do you mean? The poor pay a good portion. Do the math of apartment vs. house: Apartment = tons of money with nothing to show for House = payments not that much larger for 15-30 years and a house to pass on to kids or rent while it gains in value! Why should the poor pay $1000 a month for $0 in return?

[Big Duane]

So as a responsible adult who can actually pay his mortgage on the house he bought 4 years ago, I'm kinda penalized $7500 in tax rebates for buying then as opposed to now ?

I hate these kinds of things, makes a person NOT want to be responsible for thier actions, you'll end up being rewarded for it [:@]