This will help people of all income levels ["The $15,000 Home Buying Tax Credit: 6 Things to Know," usnews.com]. The tax credit has two major benefits: The first is to people who buy homes. The second and larger benefit is that this could put people back to work in the housing sector building homes. This sector has virtually collapsed with huge job losses. The main target of this provision is to get those people back to work. While a lot of attention is put on those who will get the tax break, the real beneficiary are those who will get their jobs back in the housing sector.
Comment by John of VA
I bought my home in 2005 near the peak of the economy, and tried to make it work with all the money I had to put into it. They should make it fair for everyone. I find this "backwards" as I had to pay more because of the higher prices of homes at the time. I recently got laid off—and this $7,500 "loan" hits a nerve as I could use it to pay off my car and save thousands in interest.
Comment by Joseph Rogowski of OH
The housing collapse is what started this mess. Getting first time home buyers to purchase the real estate will help with the supply/demand issue, and put us on a path to recovery. If this passes, it will certainly take my wife and me "off the fence," and we will buy a house.
Comment by Jeff of PA