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More on The 2009 Stimulus Plan, Real Estate, and Mortgages

I  wrote about the 2009 Stimulus Plan and its proposed benefits to real estate, and here’s the latest update as of February 5th, 2009.  Some thoughts from David Espo for the Senate proposal regarding the tax credit:


“The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.”

When I looked back at David Espo’s remark about the “tax break for the purchase of new homes only,”  I  wonder if he meant to say the original tax credit is for new home buyers, those who had not owned a home for three years.

There’s discussion now with the Senate proposal for the credit apply to all homes and buyers.  I’m still not clear on this, so if you heard something please jump in.

Here’s a link to an article from the Kentucky Herald regarding the Senate’s proposed tax credit.

The Wall Street Journal had an interesting discussion.  Most people thought the tax credit would encourage them to buy a home.

There’s a lot of discussion as to whether the housing industry is the linchpin to getting the economy back on track.  Helping to move unsold homes and get people into  homes that are so much better priced than in the recent past, is a good thing.  The country has to start from somewhere to get the economy moving.  I would much rather see tax money go to home buyers than bank executives with no accountability.

Hopefully, the new stimulus package will have clearer guidelines and expectations of those who receive any money or tax incentives.   Incentives, whether it’s for housing or some other commodity will  help get people moving, literally and figuratively.

What do you think of the $15,000 home buyer credit?

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