Monday, June 9, 2014

Review of new houses for sales::How Can I Find Foreclosed Homes or Homes for Sale from ...







Review of new houses for sales::How Can I Find Foreclosed Homes or Homes for Sale from ...








The               Senate               is               expected               to               vote               as               early               as               today               on               its               version               of               the               $820               billion               economic               stimulus               package               passed               by               the               House               of               Representatives               last               week,               after               adding               provisions               including               a               $15,000               home               buyer's               tax               credit               at               a               cost               of               $18.5               billion               to               the               American               taxpayer.

The               home               buyer               tax               credit               was               sought               by               Republican               lawmakers               who               claim               it               will               address               a               root               cause               of               the               recession,               the               stagnant               housing               market.

The               home               buyer               tax               credit               follows               after               Tuesday's               addition               of               a               retroactive               new               car               buyer's               tax               credit               to               the               stimulus               bill               at               a               cost               of               $11               billion.

The               new               car               buyer's               credit               would               allow               tax               deducations               for               sales               tax               and               loan               interest               on               new               car               purchases               from               November               12.

2008               to               December               31,               2009.
               With               new               foreclosures               on               homes               occuring               every               13               seconds,               the               Senate               aims               to               fix               the               housing               crisis               by               spending               $18.5               billion               on               a               home               buyer               tax               credit               to               encourage               home               buying               when               Americans               can't               afford               to               pay               the               mortgages               on               homes               they               already               own?

The               Mortgage               Bankers               Association               is               projecting               2.4               million               new               foreclosures               in               2009;               237,000               foreclosures               have               occurred               since               January               1               alone.

How               is               encouraging               more               home               buying               by               offering               a               $15,000               home               buyer               tax               credit               going               to               help               those               Americans               in               danger               of               losing               their               homes               and               those               who               have               lost               their               homes?

Is               it               sensible               to               encourage               more               home               buying               in               the               face               of               record               mortgage               defaults?
               Americans               are               also               being               laid               off               in               record               numbers,               with               1.9               million               Americans               having               been               laid               off               in               the               last               quarter               of               2008               and               75,000               more               put               out               of               work               in               the               last               few               days.

These               are               the               people               the               Senate               thinks               are               going               to               rush               out               to               buy               a               new               car               to               take               advantage               of               the               $11               billion               new               car               buyer's               credit               or               a               new               home               with               the               lure               of               a               $15,000               home               buyer               tax               credit?
               Economists               question               the               efficacy               of               the               home               buyer               tax               credit               and               new               car               buyer's               tax               credit               provisions,               noting               that               loan               access               barriers               may               preclude               consumers               from               buying               homes               and               cars,               according               to               the               New               York               Times.
               Instead               of               relying               on               tired               old               strategies               pushed               by               greedy               lobbyists,               why               not               spend               a               few               thousand               of               that               $29.5               billion               to               offer               contest               prizes               to               anyone               who               can               think               up               a               more               effective               approach?
               Just               think               how               many               people               could               be               spared               foreclosure               if               the               $18.5               billion               slated               for               a               home               buyer's               tax               credit               were               spent               instead               on               direct               payments               to               home               owners               to               forestall               foreclosures?
               Sources:               http://www.nytimes.com/2009/02/05/us/politics/05stimulus.html?hp;               http://blogs.wsj.com/developments/2009/02/05/economists-skeptical-of-home-buyer-incentives-in-stimulus-bill/;               http://www.nytimes.com/2009/02/04/us/politics/04stimulus.html?ref=politics;               http://americanpowerblog.blogspot.com/2009/01/public-prefers-spending-over-tax-cuts.html






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