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House Votes to Extend First-Time Home Buyer Tax Credit for Service Members

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Buy Ambien of AL 5:14AM February 13, 2010

Were are these people coming from ? I am a small landlord in the midwest and this year has been very painful for me. I have several associates who have left properties go back to the bank because they can no longer rent them to descent tenants. .. I am hoping someone come to common sense before this happeneds to me. .. We ( the landlords) did not create the problem , yet we are being robbed blindly by the government.
The tax payers are also being robbed. Anyone who does not realize how much this is costing government in lost tax revenues is a fool. You are also a fool if you believe the lies that the special interest groups ( realators, builders, and mortgage bookers) are telling to keep this incentive in place. The Government can not indefinably afford to prop up the market. Another real estate bubble is forming as we speak. Things have to wash out.
Call your representatives and tell them to quit cheating the tax pays and vote no to extend the credit.

Jim Schultz of WI 12:13AM October 30, 2009

This report says they are estimating a $77 million dollar tax revenue loss over the next 10 years from the "First Time Homebuyer's" tax credit, but are we taking into consideration of the new taxes it will generate today from new home construction?
The average "new home" sale in America is about $200,000. Of that price about $50,000 is the cost of land, $75,000 is the cost of material, and $75,000 is labor. Each new home would generate approximately $75,000 of income to companies in the form of profit or wages to a tax paying entity or individual. If the average wage earner is in the 27% tax bracket that would mean the average home sale generates $20,000 in new tax revenue next April. If we grant an $8000 tax credit we still are ahead $12,000 in new tax revenue that would never happen if we didn't have a motivated home buyer. Such a plan is a net tax generator and not a loser. And if this be true, why not open it to all buyers of a New Home??? The housing market got us in this mess and it could be the way out, also. Motivate the consumer and our capitalistic system works very well. And you do that with tax credits... not institutional bailouts. Mark Zoller Real Estate Broker, Vancouver, WA.

Mark Zoller of WA 2:56PM October 28, 2009

Is there anything officially in writting, say from the IRS about the
tax credit extension for the military?

Lorrie Foster of NE 2:33PM October 27, 2009

I'm a realtor in Kentucky who proudly supports the extension of this tax credit to our military personnel overseas. The extension of the $8000 tax credit to our brave service personnel is a MUST and is our way of saying THANK YOU them for their service to our communities, individuals states and the United States as a whole.
God Bless All of you!

Becky Babbage of KY 6:04PM October 26, 2009

Well I was in the Marine Corps served three tours in Iraq and now an Army Civilian Employee. I finally got settled back to living stateside and in the process of buying the dreaded short sale. My bid has been in for a month now and very little movement. After three weeks of calling the realtor found they had not even reviewed the offer. I was hoping for the tax credit so I could buy furniture for my new home. It is a good deal either way, but for those who say it won't stimulate the economy, not only will I be buying a home but I will also be purchasing furniture and electronics from local stores and I know they need business badly.

Matt of VA 4:27AM October 23, 2009

I am priced out of the house market in the Boston area because of this tax credit! There are bidding wars going on, houses are selling in days which has caused the market to spike $20k since September - all a false market and causing people to spend more money than the up to $8k one can benefit when filing their tax returns. People are not educating themselves on this credit and the Government is causing yet another "false" situation in the marketplace which Banks originated. I sold my house because I am a single white female who needed to downsize due to being unemployed. I need to buy something for cash and I sold just before the market spiked to rush and meet the deadline - therefore I did not get the $20k spike and cannot buy something. I want to move closer to the highway, just 5 miles from my current home and the prices have sky rocketed and I am now facing a homeless situation. I was hoping the "feeding frenzy" would cease after November 30th - why don't you give others a chance to benefit? I am just if not more unfortunate than those 1st time buyers that can afford to buy! I can't even afford to rent.

Nancy of MA 10:40PM October 22, 2009

While the incentive is not upfront money it is an incredible benefit. Many taxpayers are accessing the money in 6-8 weeks by ammending their 2008 return, including the qualifying form from the mortgage company, then receiving their $8000 check. There is a load of real estate inventory on the market at reasonable price points with loans at record low fixed rates. There is absolutely no need to get in a bid war for a property.

Robert of WA 11:17PM October 18, 2009