Extension of first-time home buyer's tax credit to boost economy

Full story: WHEC-TV Rochester, NY

It's going to be another big boost for the economy. That's what realtors are saying about the extension of the first-time home buyer's tax credit because it's been expanded to also include current homeowners who are buying new homes.

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Kevin

United States

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#1
Nov 6, 2009
 
So, the only people not getting a benefit are people who bought in 2006-2008 when values were inflated. People who got hurt the most, and most recently.
bad apple

Rochester, NY

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#3
Nov 6, 2009
 
Yup the Realtors pushed hard for the extension and the liberalization to all homebuyers will clearly cause this to have a much wider impact over a broader price range of homes. Question is, do we really need it - it won't help employ people which is the big problem with the economic recovery now - AND can we afford it?
Roc Guy

Pittsford, NY

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#4
Nov 6, 2009
 
Haa! we can afford anything, like Billion dollar wars! Extend this, I dont have a job for a house. Thanks
hazey

Webster, NY

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#5
Nov 6, 2009
 
The heck with this! Let them work for it like I did.
This BS is almost as bad as the CRA.
Seriously

Rochester, NY

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#6
Nov 6, 2009
 
Kevin wrote:
So, the only people not getting a benefit are people who bought in 2006-2008 when values were inflated. People who got hurt the most, and most recently.
But those people also probably shouldn't sell until property prices begin to increase again..... if they sell now, they are stuck with those losses. But that is not so much of an issue in Rochester anyway. We've seen continued growth in home values even during this recession. People in the bubble markets are rightly screwed though.....
nyssucks

Rochester, NY

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#7
Nov 7, 2009
 

Judged:

1

the realtors should take the extra money they make and apply it to the homebuyer, why give money to people that dont need it. heres your sign obama!
black and white

Endicott, NY

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#8
Nov 7, 2009
 
how about garnishing the wages of people who default on their loans?
how about a tax credit for responsible buyers who haven't and are floating this economy?
josie

Spencerport, NY

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#9
Nov 7, 2009
 
I want mines
Mr Skeptical

Rochester, NY

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#10
Nov 7, 2009
 
Well, my initial thought was that it's unfair to give several thousand dollars only to first time homebuyers, but now that they are expanding it to everyone, I have to ask "why am I paying for for my new neighbors to buy the house next door to me". You also have to consider if it's right to only give the credit to people based on their income. I work harder and longer to buy a better house than, say, a co-worker, but then he gets free government money to be able to afford the same house I had to work for??!? that's not right. welcome to the welfare state. Some work hard to get XY and Z, while others get it handed to them for free.
Dewey

Rochester, NY

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#12
Nov 7, 2009
 
black and white wrote:
<quoted text>
Ergo, now there will be no incentive to work hard. Obamanomics in motion.
The incentives would be a broken back, unappreciative bosses, and higher taxes. Whatever you like.
Dewey

Rochester, NY

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#13
Nov 7, 2009
 
black and white wrote:
<quoted text>
Ergo, now there will be no incentive to work hard. Obamanomics in motion.
Sorry. I forgot to add people sleeping on the job getting promoted over you. Good luck with that.
Seriously

Rochester, NY

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#14
Nov 7, 2009
 
Mr Skeptical wrote:
Well, my initial thought was that it's unfair to give several thousand dollars only to first time homebuyers, but now that they are expanding it to everyone, I have to ask "why am I paying for for my new neighbors to buy the house next door to me". You also have to consider if it's right to only give the credit to people based on their income. I work harder and longer to buy a better house than, say, a co-worker, but then he gets free government money to be able to afford the same house I had to work for??!? that's not right. welcome to the welfare state. Some work hard to get XY and Z, while others get it handed to them for free.
You're not paying for your neighbor, future generations are. This is adding to the deficit, not your taxes. And I KNOW you don't care about the deficit, otherwise I would've heard you crying and complaining for the last 8 years while Bush spent Billions blowing up sand.

And while stimulating the housing market doesn't mean much in Rochester, nationwide this program is used to keep houses from being foreclosed and instead resold to new buyers. Fewer foreclosures means fewer abandoned homes. This will help keep gangs from squatting in abandoned homes and using them for drugs/prostitution/violence. This will also hold the value of neighborhoods, protecting real estate tax bases and keeping the remaining owners from bearing the entire brunt of the bills. This will ALSO hold or raise the value of your home. The prices of starter homes are going up because there is more incentive for first time buyers. And finally, for you Reaganomic "trickle down" fans..... the sales of homes helps to support realtors, lenders, lawyers, movers, furniture stores and all the other businesses that home purchasing requires.... and then they spend the money in their community.

This is not a handout, it's a decrease in taxes for people that purchase homes. You righties should love it! But wait, it's something that's happening at the Federal level from 2009 through 2013, so you're obligated to hate it and hope it fails.
Mr Skeptical

Rochester, NY

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#15
Nov 7, 2009
 
Seriously wrote:
<quoted text>
You're not paying for your neighbor, future generations are. This is adding to the deficit, not your taxes. And I KNOW you don't care about the deficit, otherwise I would've heard you crying and complaining for the last 8 years while Bush spent Billions blowing up sand.
And while stimulating the housing market doesn't mean much in Rochester, nationwide this program is used to keep houses from being foreclosed and instead resold to new buyers. Fewer foreclosures means fewer abandoned homes. This will help keep gangs from squatting in abandoned homes and using them for drugs/prostitution/violence. This will also hold the value of neighborhoods, protecting real estate tax bases and keeping the remaining owners from bearing the entire brunt of the bills. This will ALSO hold or raise the value of your home. The prices of starter homes are going up because there is more incentive for first time buyers. And finally, for you Reaganomic "trickle down" fans..... the sales of homes helps to support realtors, lenders, lawyers, movers, furniture stores and all the other businesses that home purchasing requires.... and then they spend the money in their community.
This is not a handout, it's a decrease in taxes for people that purchase homes. You righties should love it! But wait, it's something that's happening at the Federal level from 2009 through 2013, so you're obligated to hate it and hope it fails.
If people can't pay their mortgages, let em forclose. If they get taken over by crackheads, let em. Once enough of them burn down or fall apart, the law of supply and demand will ensure that prices come back up to a healthy level. By your logic, it sounds like you believe it's up to the government to artificially keep home prices inflated. screw that. If prices of homes drop, LET EM. They run in cycles and always have. They will come back to the PROPER LEVEL (as in, the one not artifically kept in place by such programs) in due time. I guess, by your logic, it's OK, as long as "future generations" are the ones paying for it. For the record, I'm 34 years old. Unless this is paid for in about 50 years, then I AM PAYING FOR IT, DUMMY.

As for Bush, yea, he was massively spending OUR money, and I'm not a fan of his.....unfortunately, the democrats have quadrupled the spending of Bush in less than a year, so pick the lesser of the 2 evils. Simple math says the democrats are 4 times worse on the spending front. I hope we get a vialble 3rd party that doens't spend massive amounts of money on pointless projects. Who do you think pushed for this tax credit? REALTORS, dummy. they have lobby groups that pushed/paid for congress to come up with this waste of MY money. No matter how you dice it, I AM PAYING FOR MY NEIGHBOR TO BUY HIS HOUSE. Thats not right!

BTW, your arguement that "it's not a handout because its a tax credit" is soooo laughable, that I'm not even going to comment.
Mr Skeptical

Rochester, NY

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#16
Nov 7, 2009
 
Seriously wrote:
<quoted text>
You're not paying for your neighbor, future generations are. This is adding to the deficit, not your taxes. And I KNOW you don't care about the deficit, otherwise I would've heard you crying and complaining for the last 8 years while Bush spent Billions blowing up sand.
And while stimulating the housing market doesn't mean much in Rochester, nationwide this program is used to keep houses from being foreclosed and instead resold to new buyers. Fewer foreclosures means fewer abandoned homes. This will help keep gangs from squatting in abandoned homes and using them for drugs/prostitution/violence. This will also hold the value of neighborhoods, protecting real estate tax bases and keeping the remaining owners from bearing the entire brunt of the bills. This will ALSO hold or raise the value of your home. The prices of starter homes are going up because there is more incentive for first time buyers. And finally, for you Reaganomic "trickle down" fans..... the sales of homes helps to support realtors, lenders, lawyers, movers, furniture stores and all the other businesses that home purchasing requires.... and then they spend the money in their community.
This is not a handout, it's a decrease in taxes for people that purchase homes. You righties should love it! But wait, it's something that's happening at the Federal level from 2009 through 2013, so you're obligated to hate it and hope it fails.
Why should the taxpayers foot the bill? Why can't the GOVERNMENT pay for it!!! LOL. how naieve.
black and white

Endicott, NY

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#17
Nov 7, 2009
 
Mr Skeptical wrote:
<quoted text>
If people can't pay their mortgages, let em forclose. If they get taken over by crackheads, let em. Once enough of them burn down or fall apart, the law of supply and demand will ensure that prices come back up to a healthy level. By your logic, it sounds like you believe it's up to the government to artificially keep home prices inflated. screw that. If prices of homes drop, LET EM. They run in cycles and always have. They will come back to the PROPER LEVEL (as in, the one not artifically kept in place by such programs) in due time. I guess, by your logic, it's OK, as long as "future generations" are the ones paying for it. For the record, I'm 34 years old. Unless this is paid for in about 50 years, then I AM PAYING FOR IT, DUMMY.
As for Bush, yea, he was massively spending OUR money, and I'm not a fan of his.....unfortunately, the democrats have quadrupled the spending of Bush in less than a year, so pick the lesser of the 2 evils. Simple math says the democrats are 4 times worse on the spending front. I hope we get a vialble 3rd party that doens't spend massive amounts of money on pointless projects. Who do you think pushed for this tax credit? REALTORS, dummy. they have lobby groups that pushed/paid for congress to come up with this waste of MY money. No matter how you dice it, I AM PAYING FOR MY NEIGHBOR TO BUY HIS HOUSE. Thats not right!
BTW, your arguement that "it's not a handout because its a tax credit" is soooo laughable, that I'm not even going to comment.
actually, Bush's contribution to the deficit, bad as it was, is 1/18 that of Obama's - before the health care bill.
black and white

Endicott, NY

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#18
Nov 7, 2009
 
Dewey wrote:
<quoted text>Sorry. I forgot to add people sleeping on the job getting promoted over you. Good luck with that.
in my line of work, people don't get promoted over each other. We all move up a step on the contract each year.
Seriously

Rochester, NY

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#19
Nov 7, 2009
 
black and white wrote:
<quoted text>
actually, Bush's contribution to the deficit, bad as it was, is 1/18 that of Obama's - before the health care bill.
We already discussed this in another forum and I blew apart your faulty logic. I don't have the time or energy to do the same in this forum.
Seriously

Rochester, NY

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#20
Nov 7, 2009
 
Mr Skeptical wrote:
<quoted text>
If people can't pay their mortgages, let em forclose. If they get taken over by crackheads, let em. Once enough of them burn down or fall apart, the law of supply and demand will ensure that prices come back up to a healthy level. By your logic, it sounds like you believe it's up to the government to artificially keep home prices inflated. screw that. If prices of homes drop, LET EM. They run in cycles and always have. They will come back to the PROPER LEVEL (as in, the one not artifically kept in place by such programs) in due time. I guess, by your logic, it's OK, as long as "future generations" are the ones paying for it. For the record, I'm 34 years old. Unless this is paid for in about 50 years, then I AM PAYING FOR IT, DUMMY.
As for Bush, yea, he was massively spending OUR money, and I'm not a fan of his.....unfortunately, the democrats have quadrupled the spending of Bush in less than a year, so pick the lesser of the 2 evils. Simple math says the democrats are 4 times worse on the spending front. I hope we get a vialble 3rd party that doens't spend massive amounts of money on pointless projects. Who do you think pushed for this tax credit? REALTORS, dummy. they have lobby groups that pushed/paid for congress to come up with this waste of MY money. No matter how you dice it, I AM PAYING FOR MY NEIGHBOR TO BUY HIS HOUSE. Thats not right!
BTW, your arguement that "it's not a handout because its a tax credit" is soooo laughable, that I'm not even going to comment.
I don't see why you should call me "dummy". I seem to have exhibited a greater understanding of this problem and the far-reaching implications than you have. If you can't see why burned out crack homes in suburban neighborhoods is bad for EVERYONE, then we probably can't have a civil discourse on this subject.

Again, this isn't about Rochester. Our property values have gone up, even during this recession. This is about national trends and problems. Again, YOU ARE NOT PAYING FOR YOUR NEIGHBOR'S HOUSE. Say that house was foreclosed or abandoned.... what would happen to the thousands of dollars of taxes owed to your town or municipality? It wouldn't be paid. And then you'd have to pick up the slack by way of a tax increase. Your arguments are simplistic and childish and don't show a very deep understanding of the extent of the financial mess that we're all in.

If an increased deficit helped us avoid a total meltdown and food rations and bread lines like the 1930's..... well, I'd consider that a success.

This financial disaster was greater than most people realize - and our economy was driven to the brink by 8 years of mismanagement. It's easy to pretend the current administration is to blame, but if we're being honest.... ANY president would've authorized banking, automotive, and housing subsidies to keep us from total economic collapse.

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