DISQUS

Karen Goodman · 1 month ago

Jay - I appreciate you keeping me up to date on the latest news regarding the tax credit. I think that after over a year of tax credits available, the time has come for it to end. People who should be buying, the ones with stable jobs and some savings set aside, had plenty of time to make a purchase. Whenever it ends, there will be an aftereffect with slower sales for a few months. I sure would prefer the burp in the market to happen over the winter, when sales are normally slow, than having a tax credit end or phase down to low levels in the midst of a spring or summer season.

Jon Griffith · 1 month ago

I'm not a huge fan of the tax credit, because it's tax payers who are paying for it, even though it has helped me with my clientele. If I were a first timer, buying a home, the first place I'd put that tax credit would be on a principle payment on the house, or on unsecured debt, provided I have stopped borrowing money...otherwise, it's on the house immediately.

Portland Realtors · 1 month ago

The tax credit really should improve the market at least short term. Locally, we arelearning that many people are looking to take advantage of the credit soon.

Taranfx · 1 month ago

I agree.

Tony Sena · 1 month ago

I like Harry Reid's plan of phasing it out over time and it's not because he is our Senator from Nevada :)

Jay Thompson · 1 month ago

Tony - I never thought I'd agree with Reid, but his phased out plan really does make a lot of sense... If the credit is simply extended as-is, then when it reaches expiration again, people will just be hanging on for yet another extension. With a slow phase out, the credit would just "fade away".

Daniel · 1 month ago

I like it too. This strategy was very effective in the Hybrid Car incentives during the Bush years. First comers get the whole thing, late comers get less until the money is spent. One of the few things the guy did that made any sense. Lots of people, myself included, have hit hiccups in closing the deal (appraisals, slow processing, delayed communication from the seller, etc.) that will keep them from hitting the mark. Let's ween everyone off slowly. If only we could ween giant corporations off government subsidies as easily we'd all be in better shape.

High CD Rates · 1 month ago

I agree, just to avail $8K credit is meaningless. Hope to hear some good report or some amendment.

BS · 1 month ago

If they extend it to everyone and If you make 150,000 a year or 300,000 as a couple you shouldnt need or be worried about 8,000 dollars.They would just spend it all in one place like granite counters,or a huge mansion size refrigerator.That to me is a total waste. It would be better if they just extended it and doubled it for first time home buyers People who would otherwise have to use their credit cards to buy house hold items furniture,appliances ect starting off in a new home with credit card debt not good. If you can afford a 300,000-500,000 dollar mortage to trade up then that 8,000 shouldnt be what makes them leap into a new home.Talk about throwing money at the rich. People who make that much money a year dont need any help.Those kind of people arent cutting back on expenses and buying things.Those are the people who dont notice the change in the economy they arent affected by it.

BoiseRealEstateSoup · 1 month ago

I like the concept of the phase-out idea for the same reasons that Jay mentioned. Many people in the Boise real estate market are assuming the credit will be extended. Deadlines create urgency and that is what our market needs.

gdallaire · 1 month ago

I will be blown away if it doesnt get extended. I'm not a supporter of the tax credit for a variety of different reasons that I'll avoid due to political discussion.

Our country is on the mentaility that we can spend ourself out of a problem. It's not going to happen we are prolonging the true recovery and or crash.

Evan Little · 1 month ago

I'd like to see the tax credit not be renewed even though I'm an agent that works with many first time home buyers myself. I don't believe in the federal government or my state government, California, to make a positive impact. The REALTOR(R) and Builders associations can blow all of our membership money on lobbying for ridiculous programs like this to prolong the inevitable a little longer. Let's get down to brass tax here and welcome some reality and begin the painful economic healing process before we're using our "legal" tender to light a fire

Offer in Compromise · 4 weeks ago

Since the taxpayers are paying the bill anyway, why don't we do something to keep more people in their homes. This will at least limit the number of homes that are on the market and maybe help establish a floor on the market. Unless we tackle this issue we may be stuck in this housing rut for awhile.