"With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009," Lawrence Yun, the group's chief economist, said in a statement.
skip to main |
skip to sidebar
A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
About Me
HP blogs & websites
- AmericaPANIC
- Angry Bear
- Angry Renter
- Bank Implode-O-Meter
- Big Picture
- Blown Mortgage
- boom 2 bust
- Bubble Blog News
- Bubble Markets
- Bubble Meter
- BusinessWeek Hot Property
- Calculated Risk
- Case Shiller Graphs
- Charles Smith
- CNBC Realty Check
- Contrarian Chronicles
- Countrywide Foreclosures
- Deflationland
- Denninger Market Ticker
- Dirty Scottsdale
- Dollar collapse
- Dr. Housing Bubble
- Drudge Report
- Fed Up USA Protest
- Financial Sense
- firedoglake
- Flippers in Trouble
- Foreclosure Data
- Gawker
- Gold equals money blog
- Gold Prices
- High Probability kid
- homegain blog
- Housebubble blog
- Housing Blog Recap
- Housing Bubble Bust
- housing bubble hall of shame
- Housing Doom
- Housing Fear
- Housing Tracker
- Housing Watch Price Tracker
- Housing Wire
- I Can't Sell My House
- Infectious Greed
- Inventory Overload (realtor)
- Irvine housing blog
- itulip
- J-walk blog
- Kitco
- Kunstler
- LA Times Bubble Blog
- LA Westside Bubble
- Lasner on Real Estate (OC)
- Lawrence Yun Watch
- Long Island Bubble
- Marin Bubble
- Media - BusinessWeek
- Media - Financial Times
- Media - New York Times
- Media - News Hounds
- Media - Olbermann Blog
- Media - TV Newser
- Media - Wall Street Journal
- Media Matters
- millionaire mommy
- Mish's Global Economic
- ML Implode-o-Meter
- Moneyfiles Bubble Blog
- Mortgage Fraud Blog
- Mortgage Insider
- Mortgage Ledger
- mortgagefit portal
- My Two Cents Blog
- National Mortgage News
- News: Reddit
- Northern New Jersey Bubble Blog
- NYC bubble
- Paper Economy Blog
- Paranoid Ben's boring blog
- Patrick.net
- PeakOil - Life After the oil crash
- Phoenix Flippers in Trouble
- Piggington
- PIMCO Bill Gross
- Politics - C-Span Videos
- Politics - Dick Morris
- Politics - First Read
- Politics - FreeRepublic GOP Talking Points
- Politics - Huffington
- Politics - Kos
- Politics - Malkin
- Politics - National Journal
- Politics - Politico
- Politics - PoliticsTV.com
- Politics - realclearpolitics.com
- Politics - RedState GOP Talking Points
- Politics - The Note
- Politics - TPM Cafe
- Portland Oregon Bubble
- Prudent Investor
- Ramen Recipes for Realtors
- rancid truth
- Real Clear Politics
- Real Estate & Housing Outlook
- Real Estate Bloggers
- Real Estate Decline
- Redfin.com
- Republicans Are Assholes
- Sacramento Landing
- Scottsdale Sucks
- Seattle Housing Blog
- SlackerRevolution
- SoCal Bubble
- Soot & Ashes - New from HousingPANIC
- Speculative Bubble
- Stocks - Blogging Stocks
- Stocks - Bob Brinker
- Stocks - Cramer Mad Money Videos
- Stocks - DealBreaker
- Stocks - Denninger
- Stocks - Financial Times
- Stocks - Forex expert
- Stocks - I Bank Coin
- Stocks - Market Ticker
- Stocks - Money Week
- Stocks - Motley Fool Caps
- Stocks - Option Addict
- Stocks - Options Trader
- Stocks - Portfolio.com
- Stocks - RealClearMarkets
- Stocks - Seeking Alpha
- Stocks - TheStreet.com
- Stop the Mortgage Bailout
- the greenspan mess
- The Superficial
- Trulia
- Truth about mortgage blog
- UK House Bubble
- Video - Blip Radical TV
- Video - BrassCheckTV
- Video - Countdown
- Video - Fox Business
- Video - Movietone News
- Video - NBC News
- Video: Bloomberg Live
- Video: BNN Bubble News
- Video: C-span Junkie
- Video: CNN Live
- Video: Crooks and Liars
- Video: Daily Show
- Video: Housing Crash TV
- Video: Jim Cramer
- Video: MSNBC
- Video: PBS Frontline
- Video: Peter Schiff EuroPacific
- Video: Politics Videos
- Video: Presidential Debates
- Video: TPMTV
- Vigilant Investor
- Voice of San Diego
- What Bubble?
- Wiki US Bubble
- Zillow.com
- zz HP Mandatory Terms of Use
Blog Archive
- February 2022 (1)
- August 2018 (1)
- November 2016 (1)
- June 2013 (1)
- December 2010 (1)
- November 2008 (22)
- October 2008 (155)
- September 2008 (164)
- August 2008 (141)
- July 2008 (108)
- June 2008 (129)
- May 2008 (128)
- April 2008 (161)
- March 2008 (198)
- February 2008 (168)
- January 2008 (190)
- December 2007 (151)
- November 2007 (132)
- October 2007 (146)
- September 2007 (157)
- August 2007 (143)
- July 2007 (163)
- June 2007 (147)
- May 2007 (153)
- April 2007 (135)
- March 2007 (118)
- February 2007 (147)
- January 2007 (138)
- December 2006 (157)
- November 2006 (154)
- October 2006 (193)
- September 2006 (199)
- August 2006 (182)
- July 2006 (184)
- June 2006 (140)
- May 2006 (200)
- April 2006 (166)
- March 2006 (154)
- February 2006 (105)
- January 2006 (74)
- December 2005 (119)
- November 2005 (132)
31 comments:
"home sales could be sustained"
And monkeys could fly out of my butt
It the housing bill.
The only reason I see for the increase in the pending sale is that the not for profit (HAHAHAHAH) down payment assistance programs are prohibited for FHA loans.
Of all the offers I have gotten on my REO’S 90% are using FHA with Ameridream or Nehemiah program. When they go away Oct 1 the pending sales will drop again and inventory will go up and up as all the new REO’S.
Over?.. Not even close, in fact it’s only going to worse. .
The tax credit comes to about %4 of the cost of a median priced house. Big deal. You'll lose that much before the ink is dry on your deed. Cash for the down payment is what people need, you don't get the credit until after you buy the house.
Reality Check: It ain't a tax credit. That's what they call it but it's a tax loan and must be paid back over the next 15 years.
From the way I read it .If your a first time home buyer or your have not owned a home for 3 yrs you can get 7,500 and you do have to pay it back .
No, it's a $7500 credit that needs to be paid back over 15 years
Basically an interest free bribe from the NAR lobbyists (oops, I mean Congress) to go catch a knife
Good luck getting a loan
>> And monkeys could fly out of my butt.
I would pay good money to see THAT!
Doesn't matter if everyone is geting laid off..... I would'nt even think of even looking at a car, let alone a house for the next 12-18 months. MY GOD! Do you not see how bad things are and are still trending down.
Read this quote by Yun again, then read the post below this one about the guy and 20% down
'nuff said.
I would'nt even think of even looking at a car, let alone a house for the next 12-18 months. MY GOD! Do you not see how bad things are and are still trending down.
===========
Maybe in your McWorker world. I'm doing just fine thank you.
Why do they even keep trying? Do they realize no one believes them anymore? And that anyone dumb enough to "buy" a house right now isn't watching the news and hearing their spin crap anyway?
They've got to be losing millions in dues with all the realtors dropping out of the "profession" and going back to the stripper pole. They could save a ton by dumping Yun.
"...I'm doing just fine..."
There's the troll in a nutshell: 1) what I do/see is how it is for everybody.
2) Fallback troll: it's your fault if not.
Reality of the self-deception: YES, it does matter how the average person/family is doing...
even if one cannot bring themselves to admit it.
OF COURSE SUNNY YUNNY FUKTARD WOULDN'T MENTION THE TRUTH ABOUT THE "TAX CREDIT." HELL EVEN FAUX NEWS WAS SAYING THAT IT ISN'T A CREDIT AT ALL, IT'S A LOAN!
"1. Tax credit for new homeowners"
"First, we have a $7,500 credit for new homeowners that's not really a credit. It's a loan. Those who qualify to receive this credit will receive 10% of the purchase price of their home -- up to $7,500, in the first year. Then they will repay the loan over a 15-year period, starting in the second year after the taxable year in which the house is purchased."
"In other words, if you bought a home in August 2008, you start paying back 6.667% of the original credit on your 2010 tax return. This credit applies to purchases of new homes on or before April 9, 2008 and before July 1, 2009."
http://tinyurl.com/5fxa9v
DOPES!!!
I hope Beck wastes his ass again tonight.
The groups chief Hugh?!?
Mid Hudson Valley NY,
‘for sale signs are everywhere, about 4 foreclosures just on the road I live on,
and prices aren’t really coming down yet..
WTF?
How long before a bank, builder or seller is under enough financial pressure to consider selling at a small lose vs. waiting and sell later at a bigger loss?
Is this the situation everywhere?
Anom, 6:00 PM, Why do I not believe you, you are just a troll, a soon to be laid off troll.
What has been overlooked is the relatively new NAR requirement that short-sale listings with a contract signed by the buyer and owner, but not the bank must now be listed as pending. Even though the probability of that short-sale being acceptable to the lender is about 10% the short-sale listing must be changed to a pending status. Currently, in the bubble states these short-sales in waiting represent 15% of all the pending sales.
anon 6:45,
The media has done a wonderful job of feeding you propaganda about the dire economic situation out there. In 1996 the economy was where it is today in terms of GDP growth and unemployment. Unemployment rate for all of 1996 was 5.4%. Today it's 5.7%.
Yet since Clinton was in the white house, the media acted as if it were the greatest of times. Today Bush is in the white house and it's 1933 all over again. Unfortunately sheeple such as yourself can't think for yourself and fall for this trap.
For what its worth the investors that I am aware of have stopped taking any down payment assistance for FHA loans.
Attention, attention! Calling all financial retards to jump in the rigged and rotten market, just to get fleeced a few days later. Attention!
DOW = -225 pts; -2%
NAS = -1%
S&P = -1.8%
I thought that we had finally hit bottom last week. What happened? Bwahahahaha
DOPES
DOLTS
In 1996 the economy was where it is today in terms of GDP growth and unemployment. Unemployment rate for all of 1996 was 5.4%. Today it's 5.7%.
Deucebag, how much more are homes, cars, gas, and everything else?
Children, children...let me show you how we beat the rigged system.
I'm taking that $7,500 credit/loan. Anytime I can get $7,500 with a 0% rate for 15 years, I'll take it. I love free money. Plus I get to stick to all the Obama socialists who will subsidize my credit with their taxes.
After many of you subsidized the interest on my last mortgage for several years, I sold my home at bubble peak for a nice profit, and took the tax break for $500k per couple. I've been renting an oceanfront condo since then. Since the 3 years limit has passed, I'm considered a 1st Time Home Buyer again and ready to buy another home, especially because the P/E and the CAP Rate where I live is getting very attractive.
I haven't been paying any federal taxes from payroll for the entire year, knowing that some kind of tax incentive would show up sooner or later. It was so easy to predict. Economy in shambles, election year, the all mighty housing sector involved. So I stop withholding federal taxes, just waiting for the socialist breaks to show up. Sure enough, it's here. The stimulus check was just a nice bonus.
Next year I'll buy a home before tax day and use the $7,500 tax credit on my tax return to offset the federal taxes I should have paid for 2008. Hey, I may even get a refund.
All the money that I'm not taking from my paycheck is being invested for a 9% return in international bonds; it's not much but better than paying federal taxes for a whole year. Imagine if your paychecks came the entire year without any federal taxes taken. Nice, huh?
So thank you Obama socialists for subsiding my next home and my credit of $7,500.
Yes, the real estate market will go up. As a matter of fact dopes/HP'ers existing home sales in all regions of the country were up. So the recovery is here. For those of you idiot HP'ers hoping that there will be a crash? Well keep hoping.
In Chicago, people are buying houses for 400K and up to 600K. Just because you idiot/HP'ers don't have money doesn't mean everyone is in the same boat. Keep renting and keep driving your 1982 Honda while the rest of America prospers and the next cycle of the bull market takes place dopes/HP'ers!!! LOL, LOL, LOL.
The VERY LAST people you want to owe money to is the IRS. Worse than credit cards, worse than home-equity loans, it's even worse than student loans.
Anyone who voluntarily signs up for a loan with the IRS either has shit for brains (like Bush) or is a hopeless gambler 10 times worse than Vegas Flippers.
Yun and all the NAR forecasts are a joke. I usually trsut them as far as I can throw them.
Where do you find a house that costs $75,000? The assistance offers 10% or $7,500, whichever comes first? Max would be a $75,000 home. And for this, the Magic Bill wiped out all the other assistance programs? I must have read something wrong.
Read this story
http://online.wsj.com/article/SB121806259835418475.html?mod=yahoo_buzz
Hi Keith, check out this listing from California. Bought for $650K in 2005 and recently sold for ..$296K in 2008
http://www.zillow.com/HomeQnA.htm?qid=7064&zpid=17927223#comment-7064
http://tinyurl.com/5qglu4
Amazing...
Im looking to buy a home next april / may for about 140k in the Rhode Island area. I can afford a payment on a 140k house and the tax credit will help prolong my debt interest free to the IRS ( i owe em about 5k) So I guess this does work for me.
As for saying a bottom in the market, doubt it. Some support level maybe. Values going through the roof again? NO.
Since it's a credit won't that mean you still need th money up front and then get it back after claiming the credit the following year when you file? It won't help all the people who live week to week and can't save.
Post a Comment