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Yankees21
LIF Zygote
Member since 11/07 40 total posts
Name:
Billis
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$15k tax credit for homebuyers
Senate Adds Homebuyer Tax Credit to Stimulus Bill
News Source
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Posted 2/5/09 10:02 AM  |
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Prudential Douglas Elliman Real Estate
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: $15k tax credit for homebuyers
Can someone explain this to me? The government wants to give money to homebuyers who (i) are in good enough economic shape to be able to get mortgages; (ii) are buying homes at the lowest prices in years and (iii) are getting their mortgages at record low interest rates?
Am I missing something here? Why is there no assistance to those who bought homes at the height of the market who can't pay their bills? Let them suffer while those in better economic positions get $15K to spend however they want. Sound suspiciously like "trickle down economics" to me and we all know how well that worked.
Message edited 2/5/2009 11:04:01 AM.
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| Posted 2/5/09 10:44 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: $15k tax credit for homebuyers
So instead of the $7,500 we are getting, they are increasing it to $15,000? or is this a totally separate credit?
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| Posted 2/5/09 11:50 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: $15k tax credit for homebuyers
Ok, now this is starting to bother me. I had come to terms with the fact that I had bought a house in Nov 2008, and I would have to pay the 7500 back. I was a little annoyed that people that bought in 2009 would get the same 7500 didn't have to pay it back.
Now, increasing it to 15k for those who buy in 2009 AND don't have to pay it back. Now that just gets my goat. 
Message edited 2/5/2009 12:05:59 PM.
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| Posted 2/5/09 12:03 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: $15k tax credit for homebuyers
Posted by neener1211
Ok, now this is starting to bother me. I had come to terms with the fact that I had bought a house in Nov 2008, and I would have to pay the 7500 back. I was a little annoyed that people that bought in 2009 would get the same 7500 didn't have to pay it back.
Now, increasing it to 15k for those who buy in 2009 AND don't have to pay it back. Now that just gets my goat.
Imagine how annoyed I am -- I bought in November of 07. It's really not fair at all!
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| Posted 2/5/09 12:10 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: $15k tax credit for homebuyers
Posted by leese
Posted by neener1211
Ok, now this is starting to bother me. I had come to terms with the fact that I had bought a house in Nov 2008, and I would have to pay the 7500 back. I was a little annoyed that people that bought in 2009 would get the same 7500 didn't have to pay it back.
Now, increasing it to 15k for those who buy in 2009 AND don't have to pay it back. Now that just gets my goat.
Imagine how annoyed I am -- I bought in November of 07. It's really not fair at all!
I totally see how you can be annoyed. But remember, us 08's we do have to pay it back, so only 09'ers and after have it up on us.
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| Posted 2/5/09 12:13 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: $15k tax credit for homebuyers
Posted by neener1211
Posted by leese
Posted by neener1211
Ok, now this is starting to bother me. I had come to terms with the fact that I had bought a house in Nov 2008, and I would have to pay the 7500 back. I was a little annoyed that people that bought in 2009 would get the same 7500 didn't have to pay it back.
Now, increasing it to 15k for those who buy in 2009 AND don't have to pay it back. Now that just gets my goat.
Imagine how annoyed I am -- I bought in November of 07. It's really not fair at all!
I totally see how you can be annoyed. But remember, us 08's we do have to pay it back, so only 09'ers and after have it up on us.
I know, but I still think its short-sighted for both 08's and 07's.
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| Posted 2/5/09 12:22 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: $15k tax credit for homebuyers
Posted by leese
I know, but I still think its short-sighted for both 08's and 07's.
Yes it is, considering they say the recession started at the end of 07 and throughout 08. 
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| Posted 2/5/09 12:25 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: $15k tax credit for homebuyers
OK, this is totally unfai and I plan to write to Senator Shumer about this.
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| Posted 2/5/09 12:25 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: $15k tax credit for homebuyers
Posted by Pumpkin1
Can someone explain this to me? The government wants to give money to homebuyers who (i) are in good enough economic shape to be able to get mortgages; (ii) are buying homes at the lowest prices in years and (iii) are getting their mortgages at record low interest rates?
Am I missing something here? Why is there no assistance to those who bought homes at the height of the market who can't pay their bills? Let them suffer while those in better economic positions get $15K to spend however they want. Sound suspiciously like "trickle down economics" to me and we all know how well that worked.
I am happy for those who qualify but I cant understand how they are going to pump out money when they are cutting from so many other areas--just doesnt make sense for the long term. Seems like a band aid to tempt people into buying now but that can result ina a problem at a later date for ALL taxpayers.
ETA: I am just going to sit back and watch--most of the people I know who are excited about the credit intend to pocket it and not spend cause they are scared to lose their jobs so I wonder what the govt is going to do when they hand out this tax money and just as fast as houses are bought then just as fast those who bought at peak are forclosed on, or those who lose their jobs etc put their homes on the market replenish the housing supply--I wonder what brilliance they will come up with.
Message edited 2/5/2009 12:45:21 PM.
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| Posted 2/5/09 12:27 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: $15k tax credit for homebuyers
wow! We have been going back and forth with bank since Oct on a foreclosure...even though its aggravating that we haven't closed yet, it totally paid off!
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| Posted 2/5/09 12:47 PM |
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Jax430
Hi!
Member since 5/05 18919 total posts
Name:
Jackie
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Re: $15k tax credit for homebuyers
Of course, we closed in March 08, and aren't eligible for either of these credits!
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| Posted 2/5/09 1:26 PM |
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zuzuspetals
LIF Adolescent
Member since 1/07 812 total posts
Name:
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Re: $15k tax credit for homebuyers
How do we know that people who close in 2008 will not qualify for the 15,000 tax credit ?
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| Posted 2/5/09 1:36 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: $15k tax credit for homebuyers
you need to look at it this way- if you incentivize people to purchase homes- it will start making home prices go up again.. it will once again increase demand- so overall equity for EVERYONE will increase- that is why they are doing it- not to "punish" anyone who bought in 07 or 08- but to get back the VALUE of homes that were purchased in 07 and 08 put have recently fallen.
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| Posted 2/5/09 2:18 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: $15k tax credit for homebuyers
Posted by Sassyz75
you need to look at it this way- if you incentivize people to purchase homes- it will start making home prices go up again.. it will once again increase demand- so overall equity for EVERYONE will increase- that is why they are doing it- not to "punish" anyone who bought in 07 or 08- but to get back the VALUE of homes that were purchased in 07 and 08 put have recently fallen.
very true, but doesn't mean that I still wouldn't like to the be the one getting 15k in my pocket with no strings attached. ahhhh, if I had only closed 39 days later.
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| Posted 2/5/09 2:22 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: $15k tax credit for homebuyers
Posted by neener1211
Posted by Sassyz75
you need to look at it this way- if you incentivize people to purchase homes- it will start making home prices go up again.. it will once again increase demand- so overall equity for EVERYONE will increase- that is why they are doing it- not to "punish" anyone who bought in 07 or 08- but to get back the VALUE of homes that were purchased in 07 and 08 put have recently fallen.
very true, but doesn't mean that I still wouldn't like to the be the one getting 15k in my pocket with no strings attached. ahhhh, if I had only closed 39 days later.
Based on the outcry over the internet--you are not the only one feeling this way lol
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| Posted 2/5/09 2:37 PM |
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Otherme
Square head cutie pants
Member since 3/06 6899 total posts
Name:
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Re: $15k tax credit for homebuyers
ok, i'm confused..
could someone please explain a little further?
anyone who closes on a house in '09 gets $15K from the government?
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| Posted 2/5/09 3:23 PM |
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KartveliT
...
Member since 1/08 8363 total posts
Name:
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Re: $15k tax credit for homebuyers
I am soooo happy we didn't buy anything yet 
I feel bad for those who will not be getting it including my best friend who bought a house last year 
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| Posted 2/5/09 3:44 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: $15k tax credit for homebuyers
Posted by neener1211
Posted by Sassyz75
you need to look at it this way- if you incentivize people to purchase homes- it will start making home prices go up again.. it will once again increase demand- so overall equity for EVERYONE will increase- that is why they are doing it- not to "punish" anyone who bought in 07 or 08- but to get back the VALUE of homes that were purchased in 07 and 08 put have recently fallen.
very true, but doesn't mean that I still wouldn't like to the be the one getting 15k in my pocket with no strings attached. ahhhh, if I had only closed 39 days later.
if people don't start buying soon- you're going to be a lot more upset than missing out on 15k!!!!
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| Posted 2/5/09 3:51 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: $15k tax credit for homebuyers
Posted by Sassyz75
Posted by neener1211
Posted by Sassyz75
you need to look at it this way- if you incentivize people to purchase homes- it will start making home prices go up again.. it will once again increase demand- so overall equity for EVERYONE will increase- that is why they are doing it- not to "punish" anyone who bought in 07 or 08- but to get back the VALUE of homes that were purchased in 07 and 08 put have recently fallen.
very true, but doesn't mean that I still wouldn't like to the be the one getting 15k in my pocket with no strings attached. ahhhh, if I had only closed 39 days later.
if people don't start buying soon- you're going to be a lot more upset than missing out on 15k!!!!
Even if people buy its not a guarantee that they will spend the 15k--most people are talking about CDs or other investments, saving etc due to economic fears so I have a feeling there is more tears yet to come even with this "band-aid" fix.
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| Posted 2/5/09 4:10 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: $15k tax credit for homebuyers
Posted by Sassyz75
if people don't start buying soon- you're going to be a lot more upset than missing out on 15k!!!!
Why will I be upset if people don't start buying? I have my mortgage, I pay my bills. I do not plan on moving for 30 years (serioulsy). I'm more concerned about the 15k. lol
People will always be buying houses.
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| Posted 2/5/09 4:18 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: $15k tax credit for homebuyers
Posted by Jax430
Of course, we closed in March 08, and aren't eligible for either of these credits!
We closed April 1 of 08 and the credit is for April 8 08 and after. Talk about a ridiculous joke on us. That's fine. I rather not take the money so I don't have to pay it back.
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| Posted 2/5/09 4:29 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: $15k tax credit for homebuyers
Posted by sometimesmommy
Posted by Sassyz75
Posted by neener1211
Posted by Sassyz75
you need to look at it this way- if you incentivize people to purchase homes- it will start making home prices go up again.. it will once again increase demand- so overall equity for EVERYONE will increase- that is why they are doing it- not to "punish" anyone who bought in 07 or 08- but to get back the VALUE of homes that were purchased in 07 and 08 put have recently fallen.
very true, but doesn't mean that I still wouldn't like to the be the one getting 15k in my pocket with no strings attached. ahhhh, if I had only closed 39 days later.
if people don't start buying soon- you're going to be a lot more upset than missing out on 15k!!!!
Even if people buy its not a guarantee that they will spend the 15k--most people are talking about CDs or other investments, saving etc due to economic fears so I have a feeling there is more tears yet to come even with this "band-aid" fix.
It has nothing to do with people pumping the 15K into the economy- i think it has to do with spurring the demand to get people to buy houses...
the softer the demand for housing, the faster houses prices fall, the faster equity in people who currently own homes fall.
while those that want to stay in their house 30+ years might be insulated from this situation- it is still better for EVERYONE's property values if demand goes up and we stop all the foreclosures/walking away...
In order to get this economy going we need to get people out there buying- and if they are buying homes- then maybe they'll buy other things too- I wouldn't be suprised if people are going to get a 15k break they *might* put it into their house (if not all, then some).
And again- not only will increased demand help everyone's housing value- it will also get people in the depressed industries affected by real estate earning again... home builders, handy mans, home depot, etc.
Also, when equity goes up- people will be able to tap into those HELOCs for life emergencies- which they don't have right now due to falling home values.
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| Posted 2/5/09 4:29 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: $15k tax credit for homebuyers
It has nothing to do with people pumping the 15K into the economy- i think it has to do with spurring the demand to get people to buy houses...
the softer the demand for housing, the faster houses prices fall, the faster equity in people who currently own homes fall.
while those that want to stay in their house 30+ years might be insulated from this situation- it is still better for EVERYONE's property values if demand goes up and we stop all the foreclosures/walking away...
In order to get this economy going we need to get people out there buying- and if they are buying homes- then maybe they'll buy other things too- I wouldn't be suprised if people are going to get a 15k break they *might* put it into their house (if not all, then some).
And again- not only will increased demand help everyone's housing value- it will also get people in the depressed industries affected by real estate earning again... home builders, handy mans, home depot, etc.
Also, when equity goes up- people will be able to tap into those HELOCs for life emergencies- which they don't have right now due to falling home values.
I hope you are right.
I think it will help for 2009 but life goes on beyond this year ---we'll just have to wait and see.
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| Posted 2/5/09 4:49 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: $15k tax credit for homebuyers
what are the dates to qualify for the 15K?
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| Posted 2/5/09 5:25 PM |
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