{"id":10225,"date":"2009-11-05T18:16:25","date_gmt":"2009-11-06T01:16:25","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10225"},"modified":"2009-11-05T18:16:25","modified_gmt":"2009-11-06T01:16:25","slug":"congress-extends-and-expands-the-home-buyers-tax-credit","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10225\/congress-extends-and-expands-the-home-buyers-tax-credit\/","title":{"rendered":"Congress extends and expands the home-buyer’s tax credit"},"content":{"rendered":"

The Washington Post:<\/em><\/a><\/p>\n

Under the housing program, people seeking to own a home for the first time in three years would receive an $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. Current homeowners who are buying a new primary residence would be eligible for a $6,500 tax credit starting Dec. 1 if they owned their home for five consecutive years in the previous eight.<\/p>\n

The timing is more lenient for military families who have been deployed overseas for 90 days or more in 2008 or 2009. They would have until April 30, 2011 to sign a contract.<\/p>\n

But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for a refund. Anyone who collects the tax credit but sells their home within three years of buying it must return the refund.<\/p>\n

The program is estimated to cost $10.8 billion.<\/p>\n

The passage of the tax credit provision was a huge win for the real estate industry, which has been lobbying aggressively to extend and expand the program. They say the tax credit has helped boost sales and clear out a glut of lower-priced homes, especially foreclosures, and that ending it would be a blow to the housing market’s recovery.<\/p>\n

But critics of the program, including some economists, say the program is far too expensive. They say that most people who used it would have bought homes anyway. They attribute the uptick in home sales in recent months more to low prices and record low interest rates.<\/p><\/blockquote>\n

Questions for the lenders: The tax credit for move-ups doesn’t commence until 12\/01\/09. What about first-timers? Can they be under contract now, or do they need to wait until after the end of the month.<\/p>\n

More: Do I read this right? Can you “move up” after having rented for the last three years?<\/p>\n

I hate this, of course. The real estate market can’t shake out if we won’t let it. But as listers of higher-end homes… Thus does the Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Washington Post: Under the housing program, people seeking to own a home for the first time in three years would receive an $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. Current homeowners who are buying a new primary residence would be eligible for a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[251,29,6,5],"tags":[],"class_list":{"0":"post-10225","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-big-mother","7":"category-group-therapy","8":"category-marketing","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10168,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10168\/the-bad-news-tens-of-thousands-of-people-including-irs-agents-and-including-at-least-one-four-year-old-fraudulently-claimed-the-8000-first-time-home-buyers-tax-credit-the-good-news-when-these\/","url_meta":{"origin":10225,"position":0},"title":"The bad news: Tens of thousands of people, including IRS agents and including at least one four-year-old, fraudulently claimed the $8,000 first-time home-buyer’s tax credit. The good news? When these morons take over your health care, you’ll probably die before you suffer too terribly much…","author":"Greg Swann","date":"October 25, 2009","format":false,"excerpt":"From Politics Daily, the you-just-can't-make-this-shit-up section:Four-year-olds are adorable, trustworthy, and, having never owned a home before, fully eligible for the first-time homebuyer tax credit that Congress passed in 2008. As a result of that loophole and numerous faulty reporting mechanisms, a House panel learned Thursday of tens of thousands of\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8909,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8909\/getting-a-15000-tax-credit-when-you-purchase-your-next-home-could-be-as-easy-as-stealing-candy-from-a-baby\/","url_meta":{"origin":10225,"position":1},"title":"Getting a $15,000 tax credit when you purchase your next home could be as easy as stealing candy from a baby…","author":"Greg Swann","date":"June 14, 2009","format":false,"excerpt":"This from my Arizona Republic real estate column (permanent link): So we started with a $7,500 tax deduction for first-time home-buyers. But that didn't juice the real estate market enough, so we bumped the number up to $8,000 and made it a full-blown tax credit. If you owe $8,000 in\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6854,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6854\/some-ugly-questions-about-that-15000-home-buyers-tax-credit\/","url_meta":{"origin":10225,"position":2},"title":"Some ugly questions about that $15,000 home-buyers tax credit…","author":"Greg Swann","date":"February 9, 2009","format":false,"excerpt":"I let the hoopla over the $15,000 tax credit for home-buyers of all incomes slide last week. There's way too much sick-making news coming out of Washington right now, and, somehow, Republicans dancing in triumph because they had managed to squeeze out a little theft for the rich -- and\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10285,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10285\/when-the-cash-for-clunkers-logic-comes-to-the-real-estate-market-its-time-for-every-homeowner-with-equity-to-cash-in-big\/","url_meta":{"origin":10225,"position":3},"title":"When the cash-for-clunkers “logic” comes to the real estate market, it’s time for every homeowner with equity to cash in big","author":"Greg Swann","date":"November 12, 2009","format":false,"excerpt":"It's cash-for-clunkers time in the real estate market. Last week, in addition to extending the $8,000 first-time home-buyers tax credit for another six months, Congress added a new $6,500 tax-credit for move-up buyers. The credit can be applied for homes selling for as much as $800,000, and the income limits\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12371,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12371\/fnma-lends-a-helping-hand-to-our-moral-backside\/","url_meta":{"origin":10225,"position":4},"title":"FNMA Lends a Helping Hand (to Our Moral Backside)","author":"Sean Purcell","date":"June 25, 2010","format":false,"excerpt":"Two days ago, FNMA announced their new policy regarding strategic defaults; it's a mortgage death penalty: seven years before the offender is eligible for another FNMA loan.\u00a0 Finally, they got one right.\u00a0 Yes, you read that correctly; if you make your profession in the business of real estate,\u00a0Wednesday's announcement\u00a0is cause\u2026","rel":"","context":"In "Flourishing"","block_context":{"text":"Flourishing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/flourishing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1829,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1829\/so-if-there-has-to-be-a-bail-out\/","url_meta":{"origin":10225,"position":5},"title":"So if there has to be a bail out…","author":"Morgan Brown","date":"August 20, 2007","format":false,"excerpt":"What if Jeff and Brian are right?\u00a0 What if it is preordained in the cards that a federal bail out of Countrywide is an absolute necessity and a foregone conclusion should the behemoth lender fail?\u00a0 While Jeff certainly provides a well reasoned and thrilling John Grisham version of a Countrywide\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10225"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10225\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}