President lobbies for stimulus plan as price tag climbs above $900 billion
15 thousand dollars as a tax credit? if this doesnt move people to buy i dont know what will. i noticed 4 pages of home sales in the sunday paper the last week in december. those people were all prolly trying to get in on last years 7500 tax credit and now its doubled and some communities are matching the dollars.
if anyone is considering buying (and still has a job of course) this would be a great time to do so. low prices, low interest rates and a give away of 15k.
Whoa there, Nelly. Is this saying that they are planning to double that interest free loan to $15,000? Does the article outline the repayment requirements?
The current "credit" is $7500, which is really a loan. You get a $7500 refundable credit on your tax return, then starting in 2010, you have to repay the loan on your tax return at $500/year for 15 years, or when you sell the house, you have to accelerate the remaining payments into the year of the sale.
Of course, the $7500 is only open to first-time homebuyers, so you cannot have owned a home for the past 2 or 3 years. It used to be 2, but I think it might be 3 now.
I should read up on this.
Okay, I'm going to need to check into this a bit. The articles aren't saying much:
"...The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only..."
Okay, notice how the new bill is called a "credit" and the current law is call a "break". So, is this a refundable credit that will not need to be repaid by the taxpayer?
And, what's this existing residences thing? I wasn't aware that the $7500 was on new construction only...that's what the paragraph suggests, but nothing I've read thus far indicates that it's only new construction. I'll have to check that one out, too.
This gives me some ideas. I hope they pass this soon! I can't wait to read the CCH interpretation of this bill.
I think it did pass today. the article i read the other day had a similar repayment structure mentioned but said that they were also considering wiping it clean if the owners stayed in the home for 3 years.
I dont think the 7500 applied only to new residences did it? i saw a lot of realtor ads using the 7500 as a pull in and there were existing homes in the pix
President lobbies for stimulus plan as price tag climbs above $900 billion
15 thousand dollars as a tax credit? if this doesnt move people to buy i dont know what will. i noticed 4 pages of home sales in the sunday paper the last week in december. those people were all prolly trying to get in on last years 7500 tax credit and now its doubled and some communities are matching the dollars.
if anyone is considering buying (and still has a job of course) this would be a great time to do so. low prices, low interest rates and a give away of 15k.
Whoa there, Nelly. Is this saying that they are planning to double that interest free loan to $15,000? Does the article outline the repayment requirements?
The current "credit" is $7500, which is really a loan. You get a $7500 refundable credit on your tax return, then starting in 2010, you have to repay the loan on your tax return at $500/year for 15 years, or when you sell the house, you have to accelerate the remaining payments into the year of the sale.
Of course, the $7500 is only open to first-time homebuyers, so you cannot have owned a home for the past 2 or 3 years. It used to be 2, but I think it might be 3 now.
I should read up on this.
Okay, I'm going to need to check into this a bit. The articles aren't saying much:
"...The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only..."
Okay, notice how the new bill is called a "credit" and the current law is call a "break". So, is this a refundable credit that will not need to be repaid by the taxpayer?
And, what's this existing residences thing? I wasn't aware that the $7500 was on new construction only...that's what the paragraph suggests, but nothing I've read thus far indicates that it's only new construction. I'll have to check that one out, too.
This gives me some ideas. I hope they pass this soon! I can't wait to read the CCH interpretation of this bill.
BoxDog wrote: P.S. I met up and talked to Dar before the show. I kinda trapped her at her bus, 2 hours before she was to go on stage. Worked like a charm, she came out, IN THE FREEZING COLD. I just recall her saying over and over, its okay, relax. It's okay, breathe. And all I remember is taking the pics and telling her how lovely she is. I have the pics, I'll put them somewhere. :) :) :) That was definitely "out of my comfort zone", as the astrology chart suggested. Then I gave her my number. Then, then, her husband and son decided it was time to break it up and came off the bus to "stand". She was....like this is my son Stephen(v?) and Michael, blah blah. Cute child Dar...Her fake husband looks like a ragamuffin and he smelled like old laundry. <screachhhhhhhing cat shreik> and some <pointy fingernails> or <talons>. Where are the "smileys that really speak to cattiness and bitchitude. The show was perfect, started pretty late, but she was "lovely".
Wow...how cool was that?! She actually introduced you to her family. Okay, so...did she take your number?
President lobbies for stimulus plan as price tag climbs above $900 billion
15 thousand dollars as a tax credit? if this doesnt move people to buy i dont know what will. i noticed 4 pages of home sales in the sunday paper the last week in december. those people were all prolly trying to get in on last years 7500 tax credit and now its doubled and some communities are matching the dollars.
if anyone is considering buying (and still has a job of course) this would be a great time to do so. low prices, low interest rates and a give away of 15k.
Whoa there, Nelly. Is this saying that they are planning to double that interest free loan to $15,000? Does the article outline the repayment requirements?
The current "credit" is $7500, which is really a loan. You get a $7500 refundable credit on your tax return, then starting in 2010, you have to repay the loan on your tax return at $500/year for 15 years, or when you sell the house, you have to accelerate the remaining payments into the year of the sale.
Of course, the $7500 is only open to first-time homebuyers, so you cannot have owned a home for the past 2 or 3 years. It used to be 2, but I think it might be 3 now.
President lobbies for stimulus plan as price tag climbs above $900 billion
15 thousand dollars as a tax credit? if this doesnt move people to buy i dont know what will. i noticed 4 pages of home sales in the sunday paper the last week in december. those people were all prolly trying to get in on last years 7500 tax credit and now its doubled and some communities are matching the dollars.
if anyone is considering buying (and still has a job of course) this would be a great time to do so. low prices, low interest rates and a give away of 15k.
Therein is the problem. There isn't anyone right now that can confidently presume they are immune to unemployment. And that, to me, is worse than the "sub-prime" loans because now we should have that lesson learned. Good loans, cheap rates, don't mean a damned thing if they can't be paid back. Someone may not be able to pay their rent tomorrow, but they will likely not have a thirty year albatross around their neck in the interim. It seems no win to me. It seems deja vu with a new name. Also, does it have any impact or benefit to a buyer in a cash sale?
I would think so. i dont think it makes a difference if its cash or credit. cat might know shes the expert on this sort of thing!
I think its a great way to bring some life back into the housing market and according to those experts thats the first step to recovery and what i especially like about this is that it doesnt deflate the cost of homes.
P.S. I met up and talked to Dar before the show. I kinda trapped her at her bus, 2 hours before she was to go on stage. Worked like a charm, she came out, IN THE FREEZING COLD. I just recall her saying over and over, its okay, relax. It's okay, breathe. And all I remember is taking the pics and telling her how lovely she is. I have the pics, I'll put them somewhere. :) :) :) That was definitely "out of my comfort zone", as the astrology chart suggested. Then I gave her my number. omg. you gave her your phone number? way to go. lol and did she accept it?
Then, then, her husband and son decided it was time to break it up and came off the bus to "stand". She was....like this is my son Stephen(v?) and Michael, blah blah. Cute child Dar...Her fake husband looks like a ragamuffin and he smelled like old laundry. <screachhhhhhhing cat shreik> and some <pointy fingernails> or <talons>. Where are the "smileys that really speak to cattiness and bitchitude. The show was perfect, started pretty late, but she was "lovely".
President lobbies for stimulus plan as price tag climbs above $900 billion
15 thousand dollars as a tax credit? if this doesnt move people to buy i dont know what will. i noticed 4 pages of home sales in the sunday paper the last week in december. those people were all prolly trying to get in on last years 7500 tax credit and now its doubled and some communities are matching the dollars.
if anyone is considering buying (and still has a job of course) this would be a great time to do so. low prices, low interest rates and a give away of 15k.
Therein is the problem. There isn't anyone right now that can confidently presume they are immune to unemployment. And that, to me, is worse than the "sub-prime" loans because now we should have that lesson learned. Good loans, cheap rates, don't mean a damned thing if they can't be paid back. Someone may not be able to pay their rent tomorrow, but they will likely not have a thirty year albatross around their neck in the interim. It seems no win to me. It seems deja vu with a new name. Also, does it have any impact or benefit to a buyer in a cash sale?
P.S. I met up and talked to Dar before the show. I kinda trapped her at her bus, 2 hours before she was to go on stage. Worked like a charm, she came out, IN THE FREEZING COLD. I just recall her saying over and over, its okay, relax. It's okay, breathe. And all I remember is taking the pics and telling her how lovely she is. I have the pics, I'll put them somewhere. :) :) :) That was definitely "out of my comfort zone", as the astrology chart suggested. Then I gave her my number. Then, then, her husband and son decided it was time to break it up and came off the bus to "stand". She was....like this is my son Stephen(v?) and Michael, blah blah. Cute child Dar...Her fake husband looks like a ragamuffin and he smelled like old laundry. <screachhhhhhhing cat shreik> and some <pointy fingernails> or <talons>. Where are the "smileys that really speak to cattiness and bitchitude. The show was perfect, started pretty late, but she was "lovely".
President lobbies for stimulus plan as price tag climbs above $900 billion
15 thousand dollars as a tax credit? if this doesnt move people to buy i dont know what will. i noticed 4 pages of home sales in the sunday paper the last week in december. those people were all prolly trying to get in on last years 7500 tax credit and now its doubled and some communities are matching the dollars.
if anyone is considering buying (and still has a job of course) this would be a great time to do so. low prices, low interest rates and a give away of 15k.
