{"id":8909,"date":"2009-06-14T11:53:12","date_gmt":"2009-06-14T18:53:12","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=8909"},"modified":"2009-06-14T11:52:26","modified_gmt":"2009-06-14T18:52:26","slug":"getting-a-15000-tax-credit-when-you-purchase-your-next-home-could-be-as-easy-as-stealing-candy-from-a-baby","status":"publish","type":"post","link":"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\/","title":{"rendered":"Getting a $15,000 tax credit when you purchase your next home could be as easy as stealing candy from a baby…"},"content":{"rendered":"

This from my Arizona Republic<\/i> real estate column (permanent link<\/a>):<\/p>\n

So we started with a $7,500 tax deduction for first-time home-buyers.<\/p>\n

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 taxes next April, your slate is wiped clean.<\/p>\n

But even that didn’t juice the the real estate market enough, so this week Republicans — the alleged party of fiscal responsibility — proposed bumping the tax credit up to $15,000 and making it available to everyone — including billionaires.<\/p>\n

How cool is that? You buy a $150,000 house, you get 10% back when you file your taxes. And you can file an early return to get the money now. And you can even finance the tax credit now and pay it back when you file your return.<\/p>\n

You can’t — quite — use the tax credit as your down payment, but that “reform” can’t be more than inches and hours away. And a $15,000 down payment on an FHA loan buys you a $428,500 house.<\/p>\n

Unfortunately, that’s more than the FHA limit for metropolitan Phoenix, so that limit will need to be “reformed” as well.<\/p>\n

Paying people to buy houses would be insane if we actually had the money to back up our promises. But, since we don’t, these “reforms” are the mark of true statesmanship.<\/p>\n

I’m helping an ambitious young couple buy their first home right now. We’re late to close, a common enough situation.<\/p>\n

They just had their second child, an event mere bureaucracy cannot delay. Their baby boy — his name is James — is sweet and beautiful, healthy and smart, a perfect specimen of incipient humanity.<\/p>\n

They’re taking the $8,000 tax credit, of course, as they should. The government doesn’t become less insane if you shoot yourself in the foot.<\/p>\n

But it is sweet little Baby James who will pay for that tax credit, and for millions of others, and possibly for millions more at $15,000 a pop. Our economy runs on theft — and we’re running out of people to steal from.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 taxes next April, your slate […]<\/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-8909","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":14590,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14590\/more-thrilling-real-estate-math-from-the-national-association-of-realtors-how-much-did-first-time-home-buyers-benefit-from-their-8000-tax-funded-subsidy-can-you-count-to-negative-15000\/","url_meta":{"origin":8909,"position":0},"title":"More thrilling real estate math from the National Association of Realtors: How much did first-time home-buyers benefit from their $8,000 tax-funded subsidy? Can you count to negative $15,000?","author":"Greg Swann","date":"May 11, 2011","format":false,"excerpt":"You read that right. On average, recipients of the $8,000 federal housing subsidy lost $15,000 on the homes they purchased using the subsidy as their incentive. From SmartMoney.com:The government's recent $8,000 cash incentive for first-time home buyers has proved even more costly for recipients than for taxpayers, according to data\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"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":8909,"position":1},"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":8526,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8526\/8526\/","url_meta":{"origin":8909,"position":2},"title":"$8,000 Tax Credit Advance Friend or Foe?","author":"Scott Cowan","date":"May 20, 2009","format":false,"excerpt":"I have been following the $8,000 Federal Tax Credit with great interest this year. Currently it is the most talked about topic that I am discussing with potential home buyers. There is a lot of interest in receiving $8,000 when a first time buyer files their taxes for 2009. Now\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":12341,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12341\/first-time-home-buyers-tax-credit-the-morning-after-the-governments-gift-to-new-home-buyers-a-house-immediately-worth-8000-less-than-they-paid-for-it\/","url_meta":{"origin":8909,"position":3},"title":"First time home-buyers tax credit, the morning after: “The government’s ‘gift’ to new home-buyers? A house immediately worth $8,000 less than they paid for it.”","author":"Greg Swann","date":"June 22, 2010","format":false,"excerpt":"From the National Review Online:Things are looking worse on the housing front, with a severe drop-off in existing home sales following the expiration of the home-buyer tax credit. It's hard to overstate how stupid this policy was. The government marketed it as a measure to boost residential real-estate prices by\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":8909,"position":4},"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":10155,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10155\/driveby-economics-8000-price-cut\/","url_meta":{"origin":8909,"position":5},"title":"Driveby Economics – $8,000 Price Cut?","author":"Tom Vanderwell","date":"October 22, 2009","format":false,"excerpt":"I had coffee yesterday with a long time friend of mine who works for a local title company.\u00a0\u00a0 We were talking about a variety of things, including some of the new stuff I'm working on on the web. The topic came around to the $8,000 First Time Home Buyer Tax\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8909","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=8909"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8909\/revisions"}],"predecessor-version":[{"id":8910,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8909\/revisions\/8910"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=8909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=8909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=8909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}