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$6,500.00 credit for those who already own a home and wish to purchase another

posted 11/6/2009 6:53:51 PM |
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  luneib

Our realtor just sent this to us, repeat home buyers are eligible for up to $6,500, not bad huh? The housing market really could use a boost, not much is selling.

Eligible first-time buyers are still eligible to receive up to $8,000.

- Eligible "repeat" buyers are also eligible to receive up to $6,500.

- Income limits have been raised!

Here is a little more about it.

"A few key points about this NEW tax credit:

Extends the $8,000 credit for first-time home buyers.

Includes new $6,500 credit for owners of existing homes who have lived in their principal residence for five consecutive years out of the last eight.

Increased income limits of $125,000 for single filers, and $225,000 for joint.

Qualified home purchases must be in contract April 30, 2010 and closed by June 30, 2010.

Available on homes priced up to $800,000."

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Comments:
DiamondRain

Nov 6 @ 7:40PM  
Only one problem with this.

House prices will probably continue to decline throughout 2010. In fact, many analysts predict that the pricing decline will accelerate.

So you may get a tax credit if you buy now. But by the end of next year your house may be worth less than you paid for it even including the tax credit.

Smart investors are going to wait until the tax credit charade is over and then swoop in to buy those same houses from people who bought thinking they were getting a great deal for a lot less than they paid.

Government subsidies are not the fix for this economy. At best they provide only a temporary illusion of prosperity. Tax cuts, incentives to businesses and reducing government red tape and over regulation is the solution.

But don't count on it happening any time soon. Obama and the Democrats are doing EXACTLY THE OPPOSITE of everything that is needed to promote a healthy, long term recovery.
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$6,500.00 credit for those who already own a home and wish to purchase another