Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature currently requires accessing the site using the built-in Safari browser.
So it was "more harmful" to lose $15,000 than to lose $23,000 had they not gotten a tax rebate.The Further Adventures of Obamanomics!
How the $8,000 Tax Credit Cost Home Buyers $15,000:
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 released Monday. Typical buyers have lost twice as much to price declines as they received from the program.
The median home value fell to about $170,000 in March from $185,000 a year earlier, according to Zillow.com. That means a buyer who closed on a house just before the tax-credit program expired in April 2010 collected $8,000 but has since lost $15,000 in value. Those who bought earlier in the program have done worse; the median price is down $20,000 from March 2009.
"The $8,000 first-time home buyers tax credit . . . has brought many new families into the housing market," the White House boasted in November 2009 upon announcing an extension and expansion of the program. Judging by sales declines since, that seems beyond doubt. Over the past year, the pace of existing home sales has fallen more than 6% and that of new home sales has fallen 22%.
The credit wasn't great for taxpayers, either. IRS says it paid $26 billion in home buyer credits in 2009 and 2010, enough to cover the maximum $8,000 credit for more than 3 million buyers. (It says at least $513 million went for fraudulent claims. Some claimants hadn't bought houses. Some filed twice. Some were under age 18 or incarcerated.) ...
How the $8,000 Tax Credit Cost Home Buyers $15,000 - SmartMoney.com
How much more proof do Progressives need to see that their central planning, social engineering, Big Government policies always end up doing far more harm than good?
How about not buying a house in the first place and waiting until prices reduce even further?
So you are saying no one would have bought a house, but as soon as they saw a $8,000 rebate they said, "let's spend a median amount of $185,000 for a house we don't need so we can get an $8,000 rebate."So it was "more harmful" to lose $15,000 than to lose $23,000 had they not gotten a tax rebate.The Further Adventures of Obamanomics!
How the $8,000 Tax Credit Cost Home Buyers $15,000:
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 released Monday. Typical buyers have lost twice as much to price declines as they received from the program.
The median home value fell to about $170,000 in March from $185,000 a year earlier, according to Zillow.com. That means a buyer who closed on a house just before the tax-credit program expired in April 2010 collected $8,000 but has since lost $15,000 in value. Those who bought earlier in the program have done worse; the median price is down $20,000 from March 2009.
"The $8,000 first-time home buyers tax credit . . . has brought many new families into the housing market," the White House boasted in November 2009 upon announcing an extension and expansion of the program. Judging by sales declines since, that seems beyond doubt. Over the past year, the pace of existing home sales has fallen more than 6% and that of new home sales has fallen 22%.
The credit wasn't great for taxpayers, either. IRS says it paid $26 billion in home buyer credits in 2009 and 2010, enough to cover the maximum $8,000 credit for more than 3 million buyers. (It says at least $513 million went for fraudulent claims. Some claimants hadn't bought houses. Some filed twice. Some were under age 18 or incarcerated.) ...
How the $8,000 Tax Credit Cost Home Buyers $15,000 - SmartMoney.com
How much more proof do Progressives need to see that their central planning, social engineering, Big Government policies always end up doing far more harm than good?
How about not buying a house in the first place and waiting until prices reduce even further?
Yes it did help slow the fall.
The Further Adventures of Obamanomics!
How the $8,000 Tax Credit Cost Home Buyers $15,000:
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 released Monday. Typical buyers have lost twice as much to price declines as they received from the program.
The median home value fell to about $170,000 in March from $185,000 a year earlier, according to Zillow.com. That means a buyer who closed on a house just before the tax-credit program expired in April 2010 collected $8,000 but has since lost $15,000 in value. Those who bought earlier in the program have done worse; the median price is down $20,000 from March 2009.
"The $8,000 first-time home buyers tax credit . . . has brought many new families into the housing market," the White House boasted in November 2009 upon announcing an extension and expansion of the program. Judging by sales declines since, that seems beyond doubt. Over the past year, the pace of existing home sales has fallen more than 6% and that of new home sales has fallen 22%.
The credit wasn't great for taxpayers, either. IRS says it paid $26 billion in home buyer credits in 2009 and 2010, enough to cover the maximum $8,000 credit for more than 3 million buyers. (It says at least $513 million went for fraudulent claims. Some claimants hadn't bought houses. Some filed twice. Some were under age 18 or incarcerated.) ...
How the $8,000 Tax Credit Cost Home Buyers $15,000 - SmartMoney.com
How much more proof do Progressives need to see that their central planning, social engineering, Big Government policies always end up doing far more harm than good?
The Republicans are the party that says government doesn't work and then they get elected and prove it.The problem isn't government it's BAD government.The Further Adventures of Obamanomics!
How the $8,000 Tax Credit Cost Home Buyers $15,000:
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 released Monday. Typical buyers have lost twice as much to price declines as they received from the program.
The median home value fell to about $170,000 in March from $185,000 a year earlier, according to Zillow.com. That means a buyer who closed on a house just before the tax-credit program expired in April 2010 collected $8,000 but has since lost $15,000 in value. Those who bought earlier in the program have done worse; the median price is down $20,000 from March 2009.
"The $8,000 first-time home buyers tax credit . . . has brought many new families into the housing market," the White House boasted in November 2009 upon announcing an extension and expansion of the program. Judging by sales declines since, that seems beyond doubt. Over the past year, the pace of existing home sales has fallen more than 6% and that of new home sales has fallen 22%.
The credit wasn't great for taxpayers, either. IRS says it paid $26 billion in home buyer credits in 2009 and 2010, enough to cover the maximum $8,000 credit for more than 3 million buyers. (It says at least $513 million went for fraudulent claims. Some claimants hadn't bought houses. Some filed twice. Some were under age 18 or incarcerated.) ...
How the $8,000 Tax Credit Cost Home Buyers $15,000 - SmartMoney.com
How much more proof do Progressives need to see that their central planning, social engineering, Big Government policies always end up doing far more harm than good?
The Republicans are the party that says government doesn't work and then they get elected and prove it.
P. J. O'Rourke
Unless these people sell their home there is no loss. Of course they can't sell their home within three years of buying it or else they have to pay back the $8k credit.
So who is eating this loss right now?
Almost nobody.
Yes it did help slow the fall.
The tax credit saved the housing industry.
Believe me, I know from personal experience.
And the tax credit was the brainchild of Republican Senator Johnny Isakson of Georgia.
But don't let the facts interfere with your mythology.
1) The tax credit hasn't cost any homebuyers anything - if they collected the credit, they haven't been able to realize any gains or losses on their home.
2) Home values in my area have remained steady or increased. I can't be held responsible for the mistakes of people half way across the country.
The Further Adventures of Obamanomics!
How the $8,000 Tax Credit Cost Home Buyers $15,000:
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 released Monday. Typical buyers have lost twice as much to price declines as they received from the program.
The Further Adventures of Obamanomics!
How the $8,000 Tax Credit Cost Home Buyers $15,000:
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 released Monday. Typical buyers have lost twice as much to price declines as they received from the program.
Man if you bought a house to use as a home 2 years ago and are needing to sell now maybe you shouldn't have bought a fucking house. If you're not needing to sell it then what's your point?
1) The tax credit hasn't cost any homebuyers anything - if they collected the credit, they haven't been able to realize any gains or losses on their home.
2) Home values in my area have remained steady or increased. I can't be held responsible for the mistakes of people half way across the country.
Tell that to the businesses that have cratered because of the drop in home equity values that has caused people to stop updating their homes.
Yes it did help slow the fall.
It delayed the correction. That is not really very helpful.
Man, if you didn't have money for a down payment and couldn't document that you have sufficient income to PAY THE MORTGAGE, INSURANCE, AND TAXES maybe you shouldn't have bought a fucking house.
