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Seattle Bubble Forum Archive • View topic - First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Robroy » Thu Jul 24, 2008 7:12 am

First the economic stimulous. Now the housing stimulous.

Check out this federal housing bill:
http://blog.mlive.com/getting_in_your_b ... hback.html

And lookee here from the article: "...it also includes a $7,500 tax credit for first-time home buyers..."

This, in effect, means the fed will GIVE YOU $7,500 to buy a house, once the bill is passed. Seems like a good deal, assuming home prices don't continue to drop. ;)

I wouldn't take the bait in Seattle or Miami, but in Podunk, Kentucky, (or SD, or Kansas, et-al) where a McMansion on a few acres goes for less than $200,000, this is incredible! And they don't even really have a housing bubble to speak of.

This is really quite incredible and seems, on the surface at least, to be pretty darned desparate.
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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Markor » Thu Jul 24, 2008 10:05 am

Of course only a small percentage of that $7500 will be realized, since it just reduces the income on which taxes are paid.

Still, it's a giveaway, effectively a tax cut. The answer to everything now is borrow more money from future generations. It'll be paid back in spades via inflation, by most of us unfortunately.
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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Robroy » Thu Jul 24, 2008 10:13 am

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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Markor » Thu Jul 24, 2008 12:43 pm

You're right. Looks like house prices are going up by $7500.
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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Robroy » Thu Jul 24, 2008 12:49 pm

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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby jon » Thu Jul 24, 2008 1:16 pm

At least they aren't paying builders not to build houses. Yet.
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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Robroy » Thu Jul 24, 2008 1:21 pm

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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby laxtosnoco » Thu Jul 24, 2008 3:57 pm

Some sources are reporting that the tax 'credit' is really a loan. For example, according to CNN the $7500 credit would have to be paid back in equal installments over 15 years.

I imagine buyers would still use the credit, but the effect would be less if it's not truly a grant/gift.
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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Robroy » Thu Jul 24, 2008 4:25 pm

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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby garth » Thu Jul 24, 2008 5:27 pm

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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Robroy » Thu Jul 24, 2008 10:24 pm

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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Alan » Fri Jul 25, 2008 1:57 am

Maybe it is a reverse tax credit. You get the money when you buy the house but you have to pay it back when you file your Federal return.
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Re: First time homebuyer? Uncle Sam sez DON'T BUY YET!!!

Postby Robroy » Fri Jul 25, 2008 8:00 am

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