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Tax credit leaves some behind

Letter to the Editor

By Inman News, Tuesday, November 3, 2009.

Re: 'House leader: Tax credit a go' (Nov. 3)

Dear Editor:

The government is still going to be selecting a certain part of the population to not get housing credits. It really isn't fair that those who could afford to move in the last five years and didn't lose their home to foreclosure or short sales don't get the same consideration that others do.

If the government wants to be fair, it should give every homeowner the $6,500 credit and give the $8,000 credit to new homebuyers. The government appears ready to give anyone who buys a home a credit and anyone who has continued to live in their home for the last five years a credit.

What about all of the people in between who are struggling to stay in their new home while their property value is dropping?

Berna Oreshan
Tierra Antigua Realty
Tucson, Ariz.

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Submitted by Robert A. Hulme on November 4, 2009 - 5:25am.

Spreading the wealth sounds like a great idea.

www.CedarHillsUtHomes.com
www.HighlandUtHomes.com

 
Submitted by on November 4, 2009 - 5:31am.

How about the folks who bought in '08 under the first $7500 tax credit and still must pay back all @ $500 a year unless they sell the house in less than 15 years; then pay the entire balance. Why can't they be grandfathered in to the '09 and pending '10 tax credit rules?
I have a client who bought Dec 17th '08 to get the only known tax credit, but could have easily delayed settlement date until early Jan '09. She is stuck paying it back.

Beth Tyler
Long & Foster Real Estate, Inc.
102 Old Solomons Island Rd
Annapolis, Maryland 21401
Office (410) 266-5505 ext# 1043
Toll-Free (800) 345-6787 ext# 1043

 
Submitted by Douglas Quenzer on November 4, 2009 - 6:36am.

Shouldn't be doing this at all! Has anyone taken a course in economics and studied the effects of subsidies like this. It creates an out of balance market, that once lifted causes all kinds of negative effects. Subsidies create a false market, prevent the market from finding the bottom, and those people that bought with the subsidies could find their homes worth less after the subsidies are lifted. This is a concession much like a seller concession and is NOT THE TRUE MARKET VALUE OF HOMES. Why can't the NAR understand this? It is because they want to make money. It's called self-interest. The NAR economist is about as incompetent as they come. He stated back in 2008 the market probably will bottom soon. Where was his head? I won't say. He should know better. But again he simply is working for his employer the NAR and not giving unbiased advise. Oh, how I wish I wouldn't have to pay those dues to support the NAR. But since I have to belong to the MLS as an appraiser I am forced to belong to this incredibly insane organization that simply DOESN'T GET IT. I am tired of paying for other people's homes and cars. WE DON'T HAVE THE MONEY PEOPLE!

 
Submitted by Paul Howard on November 8, 2009 - 6:28am.

I think it is great that they struck a balance between the unthinking people that want to give all the money away and those, who, appear to have stopped studying economics when they were a sophomore in college-and were weak on macro even then - since they apparently want to take us through another great depression .

Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill NJ 08002