How can tax credit for home buyers benefit our recession/economy?
May 12th, 2010 by admin
I need a some POSITIVE arguments for the $8,000 tax credit for first-time home buyers and how it can benefit our recession/economy. Thanks!! =)
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It wont
It also hurts those trying to sell their homes because this is only for new homes not those that have been lived in before.
banks get interest
lawyers get fees
realeters get paid
home inspectors get paid
surveyers get work and get paid
property taxes get paid
home buyers always redecorate and buy home improvement supplies
the list goes on oand on
It will get some of that deadwood foreclosure homes off the market.
That will improve the banks financial positions, and it will bring the values in the rest of the neighborhood up.
Foreclosed homes aren’t maintained and are magnets for crime and vandalism, enough of them and the neigborhood loses value, so the people still living there suffer futher losses in their homes value.
Well if you bought a home before 2008 then it wont help you one bit. I think that the government is trying to get people to buy the foreclosed homes around neighborhoods. That’s why they are saying here’s $8,000 if you buy one of these foreclosed homes.
The government will bring the housing market back by trying to buy out people.
it seems like this money will be targeted to the same profile group that started this meltdown!
I am thinking about buying a home and if I had incentive like that, I might go forward. Lots of people, when buying their first home, don’t have enough mortgage payments in their first year to maximize tax savings, like they will in subsequent years. Giving buyers such a tax break will encourage them to buy now…I was really excited about the tax break when it was $15,000 and I was for sure going to buy something asap. The $8000 that Pelosi cut it down to makes it less of an incentive for me personally. New home-buyers…first-timers…we need a “push”…that is why we aren’t already in the market…we are skittish about changing conditions and conservative with big investments.
Studies show that the little extra home-buyers get for setting up their home gets dumped straight into the economy. New carpeting, laminate, appliances, fixtures, lighting, fencing, gardening, insulation, paint, decor, furniture, tools, yard things…new home buyers really bleed out their funds into the economy…as you can imagine! The boost in the economy we did have was driven by the housing boom…home-buyers making their homes inhabitable.