GOV VOTE NEXT TUE ON HOUSING CREDIT EXT

Question

I am not a big fan of goverment spending.  But I agree that this legistlation will help encourage private investment.

3rdpig · Answer

I am not a big fan of goverment spending.  But I agree that this legistlation will help encourage private investment.

biglubes · Answer

Ive being saving to buy a house. I am 24 years old. I wont have enough by the deadline, but if they extend it I might have enough. I have also heard they might increase the amount. I cant find the link.  I dont agree with all this free money bs obama is giving out, but I might as well take advantage of it since everyone else has their palm out right?

KOAJ · Answer

3rd pig - you know how cash for clunkers fucked the car market by distorting demand? this housing credit is doing the same for housingQ1 2011 will be a better time to buy

SarasotaSlim · Answer

OBAMA MONEY ,...

be easy · Answer

even if it gets extended to 15k, that still won&#x27;t cover the loss you&#x27;re going to take (in most markets and surely nationwide averages).  Keep saving, and keep searching, don&#x27;t be influenced by the free money,,,,,when it goes away, the market will react and prices will drop to compensate,,,,and then some more

ClubDirt · Answer

.  so let&#x27;s extend it.  what&#x27;s another few hundred million these days anyway?

KOAJ · Answer

in theory it will but you&#x27;re also betting that rates will stay low and people will actually take a loss on their housea house that is going for 500k now probably should be sold at 350k in the next 6 quarters...however if rates boom to 10-15% who can finance this? and who is willing to take a loss?we will become a nation of squatters

wallstreetcappers · Answer

Oh geez..So mortgage rates are going to 10% and we revert back to tent city in like during the great depression?Talk about a total lack of reality.Volcker isnt running the FED, we arent ramping rates into the stratosphere anytime soon, it would crush the economy.

Grego · Answer

&#xD;&#xA;FED rate will have nothing to do with the rise. Investors leaving mortgage arena as commercial market starts tanking in next few months combined with softening in residential (unless they keep propping it up with more and more taxpayer money), combined with banks needing to make up for the loses already suffered.  Would not be surprised to see 10% in the next few years.

JG33 · Answer

They should end this program immediately.  Replace it with what was done in Canada.  Tax credits for home renovations.  We get I believe a 15% tax credit up to a maximum of $1350 for major home repairs/renovations such as a new roof, windows, floor, kitchen, bathroom, finishing a basement, etc...This will help people and stimulate the economy.  It&#x27;s amazing how busy all contractors are in Canada.

3rdpig · Answer

KOAJ do not let Edmunds article persuade you entirely about cash for clunkers being costlier. I would agree that the number the government used is not a true number but only 18 percent reported by Edmunds is bullshit.

3rdpig · Answer

If you qualify for the tax credit and actually benefit from it than you should consider buying a house now. Do your research. Interest rates from banks probably will not be cheaper anytime soon. Housing prices will probably not drop more than 10 percent over the next 18 months? Margins are suppressed on new homes. Banks are holding on to the majority of the ones they foreclosed until prices stabilze and they can realize greater profits.

Good luck

GOV VOTE NEXT TUE ON HOUSING CREDIT EXT

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