$8,000 is great for first time home buyers. If you are thinking of buying your first home, you gotta move on this.
This $8,000 tax credit for first time homebuyers, however, won’t move the real estate market.
Dumber Than a Box of Rocks
The original proposal passed by the Senate was for a $15,000 tax credit for ALL home buyers primary residences. THAT would have moved the market. It would have caused home prices to stop falling sooner and at higher prices.
Instead they spent $787 billion but didn’t bother to help home prices and, therefore, help homeowners and banks. Wow!
Let’s see, falling home prices caused the banking crisis, the banking crisis caused the economic meltdown and the economic meltdown caused the $787 billion legislation. And these geniuses gutted the only provision in the $787 billion bill that would have addressed the root cause of the problem, falling home prices.