*But Only for Some of You
A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August. Car buyers could deduct the sales tax they paid on a new car but not the interest on their car loans.
- Anyone purchasing a home
- 10% of purchase price credit, up to $15,000
- One year timeframe
- First time homebuyers
- Good till August 2009
So let’s recount the path to this insanity: HOUSING MARKET goes through a meltdown, precipitates the flat-lining of the American, then World economy. Stimulus Spending bill being negotiated with a decent amendment to juice the HOUSING MARKET back to some semblence of life. EVERY home buyer and seller can take advantage of the $15,000 credit.
Now, the current flavor of the amendment is ONLY first time home buyers*, through August of 2009, in the amount of an $8,000 credit. Huh?
[*note to readers: first time homebuyers have not stopped buying, in fact, this price point in the Ann Arbor real estate market has remained relatively strong]
If the HOUSING MARKET was the anchor that precipitated this mess, why aren’t our elected officials doing everything they can to right it? I don’t know, how about this credit as its own separate bill?
Regardless of your feelings on the bill itself, this one amendment, in its more greatly enhanced form, could have actually had some meaningful impact on the economy. Here’s to the NAR to pull it back in or get it passed as its own bill as a housing industry bailout…