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It failed. It cost billions. Let's do it again!
September 03, 2010
Even though the first-time homebuyer credit has proven to be as effective in reviving the housing market as using meth is at generating good study habits, there are still people who want to revive the credit. TaxVox reports:
The latest round started on Sunday, when HUD Secretary Shaun Donovan said it was "too early to say" whether the White House would support another round of credits. Donovan and the Obama Administration have been backtracking ever since. But the damage is done.Members of Congress and congressional hopefuls have leapt on the bandwagon. There is even a facebook page called "Extend the $8000 Federal Tax Credit until 2011 for 1st Time Homebuyers."
Will Congress restart this outrageously expensive economic meth lab? They've already done it twice, and there's no evidence they've gotten any smarter.
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Comments
Joe:
If they bring it back again, I will put my house on the market and see if I can recover some of the lost home value due to the bump up in value caused by the credit. Then rent for a while and wait for the credit to expire and buy another home at depressed value after the market collapses again.
Can't wait until the education cost bubble explodes! That one's been building since the 1960s - the housing mess has only been brewing since the late 1970s.
Wonderful!
Posted by: Roger | September 3, 2010 5:02 PM
The $8,000 didn't help me sell my condo in Connecticut last year, even though my condo was $20k cheaper than any similar condo in the neighboring 6 towns. My realtor kept telling me that she didn't understand, especially because of the credit.
Maybe instead of spending money that is not there on a credit that doesn't work, they should give the money to the towns and states that keep raising property taxes on these depressed homes, and when the budgets can't pass, they simply revalue everything. At least that's what my town did. The assessed value of my condo is at least $40k higher then what I could sell it for. Maybe then people will buy houses, credit or not.
Posted by: Robert Eberhard | September 3, 2010 6:27 PM