First Time Home Buyers $8,000 Tax Credit for Bay Area Purchases-

The Bay Area and myself expected a $15,000 tax credit for all home buyers in the economic stimulus package that was signed this week. Instead I would describe the bill as mediocre,  pathetic, and somewhat lame.  The $789 billion bill at least cuts $100 billion of wasteful spending that would have otherwise been spent, but guess what?

It does little to address the real issue: HOUSING.

The $15,000 tax credit for ANY buyer of homes didn’t make it in the final package. The U.S. Senate tried, but the House of Representatives balked – too much other pork they need for their constituents I guess. The National Association of Realtors lobbyists didn’t muster enough political power to get it done.  What did get in the non-stimulus bill?

So there is a bright side. What did pass will help YOU, if you are a First Time Home Buyer!!!

An $8,000 tax credit for first time home buyers that is doesn’t need to be paid back to Uncle Sam.  Right now a first time home buyer gets a 7,500 tax credit that must be paid back over 15 years.  This should help a segment of the market in certain price ranges in certain city’s of the Bay Area. The overall housing market wll still have a ways to go.

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