Comments on: Home tax credit action: Isakson strikes a deal in Senate; Lewis looks at fraud in House

By: Mortgage Lender in Atlanta

Mortgage Lender in Atlanta — Sun, 14 Feb 2010 17:34:32 +0000

Most of the people talking on here are clueless. There are a lot of people trying to buy homes now, because of the 8K gift from the Government. Each purchase takes one more home out of the inventory and helps someone else move up. There are millions of homes that are being held back by the banks right now which will flood the market. They cannot afford to release them all at once and they cannot afford to hold them forever. Any incentive to help people get a home now will help.

The Government and Banks have tightened the standards for mortgages considerably. This is helping to keep a lot of people who can’t afford to keep a home, out of the market. Perhaps we would not be in this predicament if we had made owning a home a priviledge for those who saved and were responsible. There are those who think that everyone should own a home regardless of their ability to make good decisions about their finances.

By: Fools

Fools — Wed, 28 Oct 2009 18:17:34 +0000

You people are fools. An $8k tax credit inflates the value of the houses by $8k. Eventually they will have to take the tax credit away. When they do – prices will drop $8k. Anyone who buys a house now is paying $8k too much.

By: Mark in Florida

Mark in Florida — Fri, 23 Oct 2009 19:51:51 +0000

I’ve been looking to buy my first home for the past 6 months and I’m going to wait a little longer so I’m ready financially. It will be a big help if they extend the credit and I’m hoping they will. It’s appalling though to read about the people, who seem to be numerous, that buy into homes they really can’t afford. Living beyond one’s means seems to be the American way and now those who have overextended themselves are crying out for someone to pick up the tab.

Personally the tax credit will be a nice cushion and piece of mind for my new family. With that and my own reserves, I will be able to own a home knowing I can make do for a while if I lose my job.

If people use the credit in this way and buy within their means, it will certainly help the economy. Alas, people don’t learn responsibility overnight and the credit will be used by many people who are unable to produce a fraction of a down payment. These buyers will create an inflated portion of the market which could easily collapse again a few years down the road.

By: Georgia home tax credit – renewed action | JeffBarnwellHomesForSale

Georgia home tax credit – renewed action | JeffBarnwellHomesForSale — Fri, 23 Oct 2009 04:01:16 +0000

[...] more about Johnny Isakson in the AJC. To view recently sold properties around metro Atlanta please visit JSBSells.com [...]

By: Base

Base — Wed, 21 Oct 2009 17:32:24 +0000

Sorry Sonny could have used stem funds to make up for the property tax relief he cut instead of giving tax cuts for making movies. Jiffy Johnnny just does what Northside Realty tells him to do.

By: Feeding the Short Sale Market

Feeding the Short Sale Market — Wed, 21 Oct 2009 16:20:39 +0000

As a real estate assistant I see several first time homebuyers that have no money. This tax credit is helping the poor get houses, only for them to go into forclosure within a few years. We currently have a seller who is in this position, and we have a few buyers who cant even come up with $500 earnest money. Is this really who we want buying houses? We are temporarily placing a bandade on a open wound.

By: Hey Big Spender

Hey Big Spender — Wed, 21 Oct 2009 15:22:59 +0000

Exactly how will this credit actually stimulate any sales that would not have occured otherwise?

Are people who already own a home going to go through the hassle of selling it and moving to save $8K ?

No they are not unless they were already planning to buy a bigger house.

So this is just a handout to those who are fortunate enough to be buying a larger house at a time when many are losing their homes.

Shame.

By: Tea 4 2

Tea 4 2 — Tue, 20 Oct 2009 20:58:37 +0000

It would cost about $1 billion a month to extend the existing credit. The bill sponsored by Dodd and Isakson would cost $16.7 billion, according to congressional projections.

By: CDW

CDW — Tue, 20 Oct 2009 20:07:19 +0000

Mike – can’t imagine why you are getting a $2000 increase over a previous tax bill of $1500, but I suggest you get on the phone to your tax assessor immediately and file an appeal. In our current market I’d find it difficult to believe that the value of your property almost doubled.

And to everyone else: the $8000 tax credit has a “trickle up” effect. By bringing in the first timers, it allows move-up buyers to sell. This effect is concentrated on the lower end of the property spectrum. In some markets, that may be $300-500k – the credit applies for buyers in all markets, not just Atlanta.

Many of those trying to sell right now are already in a pinch due to job loss, so continuing to offer an incentive for those with the financial wherewithal to buy doesn’t just help the first-time buyers, but also sellers who DID purchase within their means, who bought responsibly, but have been dealt a financial blow and need to sell just to break even.

The Atlanta metro area still has a considerable amount of inventory to clear. Until we get back to healthy inventory levels (estimated at about a 4-6 month supply), all homeowners will face the reality of depressed values.

By: Nobody reads long posts

Nobody reads long posts — Tue, 20 Oct 2009 20:02:46 +0000

Rep. Lewis, the first returns that you should scrutinize are ACORN-prepared. That’s free advice from a CPA.