A) It will expire as scheduled on November 30
B) It will be extended well into 2010
C) It will be expanded to include more than just first-time buyers
D) It will be increased to $15,000 at the behest of the NAR
I'm betting on a combination of B, C, and D.
I wish it would go away, but I think you're right El Bee.
ReplyDeleteIt will be $15K for individuals whose income is $125K, and $250K per family. It will be extended until November 30, 2010 to cover the silly season.... err spring and summer.
Oh well. NAR can kiss my ass, and the bottom won't be seen until 2011.
After seeing our government's actions of the "cash for clunkers" saga, I'm sure, it will be extended at least 'til 4/15/10 (when the credit due), then screw everybody. I'm one of them, but it's OK, my purchase (closed four weeks ago) was safe, even without the tax credit.
ReplyDeleteL_Thek_Onomics
I have to agree with the others. I think this will get extended/expanded.
ReplyDeleteI also wouldn't be surprised if 'everyone' got checks from Washington for Christmas shopping this year in order to keep retail moving.
Since I'm an idiot, I have no clue what the eventual outcome will be (my guees is it's going to be bad), but with the Gov dragging future demand forward into a condensed time frame (cash for clunkers) and paying people the buy homes at still inflated prices (new knife catchers), are we not just setting up round 2(or 3) of the plunge?
Hope this is coherent...haven't had enough coffee yet.
Good blog EB! I was curious about this....
ReplyDeleteAs a lowlife whose buying power is limited, I'll grab this offer!!
Hoping out of pure selfishness, that this will go up to $15,000!!
Is that wrong?
L_Thek_Onomics,
ReplyDeleteCongratulations! That's awesome. It's none of my damn business but I'd love to hear general details about your purchase and your buying experience. Either way, it sounds like you did things the right way.
SR,
ReplyDeleteYou're no idiot. Remember that the "smartest people in the room" all missed this crash--so it's no surprise that what you DO hear is highly questionable. Nobody has the answers. Even doing your homework can result in a bad move.
There is no telling where we'll end up, but some acquaintances, who a few weeks ago were sweating how they were going to make ends meet due to hours being dramatically cut, suddenly came into some bonus money.
They did the right thing and socked away the money.
Just kidding, they bought expensive toys and promptly spent most of the bonus! As long as Americans are willing to consume like that and finance themselves to the hilt and beyond, this "New Frugality" people keep talking about doesn't have much of a chance of taking root.
Lesson? Never count out the American consumer.
Mike,
ReplyDeleteIt's not wrong. I'm hoping it goes up too.
1) There's nothing we can do to stop it,
2) We're all paying for it anyway...might as well get our snouts in the trough.
That's exactly my sentiments El Bee!
ReplyDeleteI'm VERY against entitlements, but heck, if I can get some of my hard-earned tax money back?!?!?!
Well Imma grab that ish.
I want to pay my fair share of taxes, but with the current war going on here, with the socialists trying to take over, I'm out to grab every bit of money back from the government regime that I can.
15K would really push me over the top, to be able to make the home purchase next year, along with my own savings, and my current income.
I'm still VERY trepadacious as long as the government is being run by a socialistic agenda though.
Things could get even MUCH much worse!