Expanded First-Time Home Buyer Tax Credit Becomes Law

Agreed^2

The Annoyed crowd makes an excellent point. When this credit was initially designed, previous homeowners were set to receive the credit. Those owners were only negotiated out of the original credit in the last hours before it was provided. Now, politicians see the error in their ways and have made the credit available for all homeowners, as was initially intended. This makes perfect sense. After all, isn't it previous homeowners who suffered by the drop in home prices in the first place? First time buyers benefit from the drop in home prices as it is. At the very least, this credit should be available to all new purchases retroactive to the date the credit was initially established, the date when politicians erroneously negotiated previous homeowners out of the credit. I'll be contacting my politicians directly. Those who agree should do the same. You may disagree with the nature of this credit. If there is going to be a credit, it's hard to legitimately argue that previous homeowners don't deserve it from its inception.

Thosewhotookitonthechintobegin of OH @ Nov 27, 2009 11:10:28 AM

Fern

My problem is with the part in the requirements that keeps a person form buying from a relative. We bought a house with the plan to sell it to our daughter when she could get a loan. This was in Dec. 2008. Now she CAN NOT BUY THE HOME FROM US AND GET THE TAX CREDIT. WHAT IS WRONG WITH OUR COUNTRY? We did not know anything about the tax credit (it was a repayable loan at the time) or we would have put it in her name at the time of purchase. Now we are screwed by our goverment!! How about that for a good goverment?

Fern Smith of MO @ Nov 25, 2009 23:20:16 PM

This is a great Program, worth extending

For the first time buyers, this is indeed a rewarding year. Like me.. who got the house for a cheaper price due to bad market condition and a big plus with $8K. I would say $10B is nothing when you compare to the amount that they bailed out to AIG / Bank Of America or to other financial companies.. just imagine this money is going to actual people not to the bloody rich leeches who give themselves a big fat bonus ... This program is for the people.. but i just have one point.. it should go to all home buyers this year... within the new income limit specified... Big earners are big spenders... Govt should know that... They keep the market rolling and so they deserve

Jack Nickolas of NY @ Nov 25, 2009 15:21:31 PM

Agreed

I agree with annoyed. The extended tax credit needs to be retroactive. We took a big risk in early 2009. People buying today have more information about the stability of the market

annoyed as well of VA @ Nov 25, 2009 08:19:43 AM

Ignorance is bliss

You should have been reading and watching the news and been aware there was a plan"in the works" to expand the Tax Credit for new and existing home owners...... Now there is a good reason to employee a knowledgable real estate professional! Lastly, stop bitching it is quite unbecoming!

Max Porter of NH @ Nov 25, 2009 08:18:48 AM

unfair for the rest of the 2009 homebuyers!

my husband and i owned a home for 5yrs. we recently sold it in june and bought a larger house since our family has grown. we are a struggling family on one income. how fair is this tax credit? we do not qualify because we bought it in june? what about all of the rest of us out here who have bought new homes this year?

annoyed with our government of NY @ Nov 24, 2009 22:50:56 PM

Spell Check Anyone?

Why can't people spell anymore?

Me of CA @ Nov 24, 2009 11:38:38 AM

Greedy Americans

This tax credit was put in place to stimulate the housing market which in turn feeds the economy. Almost 70% of Americans are now eligible for the tax credits put into place. I have to agree with Vicktor; Americans WANT WANT WANT. We are greedy and that's why we are in this situation. Be glad you have a home!!!

Sarah of SC @ Nov 21, 2009 14:04:39 PM