Just when the end of of the $8,000 home buyer’s credit was about to expire, a new government giveaway has been proposed. It seems the government’s most successful and popular plans are cash give-a-ways! So, it’s only logical for the government to not only double the amount of the give-a-way, but to loosen the requirements as well! This is sure to be another ‘successful’ big government program.
With all the Government cash give-a-ways, it should come as no surprise that there is now legislation in both the Senate and the House that would expand the current $8,000 tax credit.
A proposal by Sen. Johnny Isakson, R-Ga., would raise the credit amount to a maximum of $15,000 for any buyer of any home over the next year. It would remove the income caps that currently apply (those limits are now $75,000 for an individual and $150,000 on couples).
Lawrence Yun, chief economist at NAR, says extending or raising the tax credit would spur the housing recovery, which in turn would help bolster the economy.
The non-industry view on this: Another government cash give-a-way. Let’s keep giving taxpayer money away. Maybe the government should just make everyone’s house payments and buy them a car and buy their food, and, and…… What does it matter, daddy gov can always print more money. STOP the insanity now.   downtown San Diego real estate
It’s getting a little ridiculous the things government is thinking up to supposedly boost our economy. Someone told me the worst was over in the 1st quarter, now I’m not too sure.
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The perfect storm of a complete financial collapse is a couple months away. Be ready for a wild ride!
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The good news is, once the dust settles, the new and improved mortgage payments will be a piece of cake!
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