$8,000 1st time buyer tax credit – no repayment
First-time buyers get $8,000 tax credit in stimulus bill
San Diego Real Estate Recovery?
Yesterday, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
Another Senate amendment 353, a proposal by Senator John Ensign (R-NV) if passed, would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of the current stimulus bill they could have a tremendous impact on our industry. Here in San Diego, we could see an immediate and dramatic turn-around in real estate. San Diego Realtor
Obama’s stimulus package … reason for optimism?
The Obama stimulus package made it through the House, but every Republican voted against it and so did 11 Democrats.
The House members discussion on the stimulus bill had a number of good comments. One was by Rep. Roscoe Bartlett, an 82-year-old Maryland Republican, when he thought back to the Great Depression he said: "I don't remember any of the many government programs affecting the course of the Depression. Government programs didn't work then, I don't know why we think they would work now. Mr. President, I think our obsessive borrowing has fully mortgaged my kids and my grandkids. Now we're working on mortgaging my two great-grandkids. Mr. President, I think it's more than a little bit selfish to try to solve our economic problems which we created by burdening future generations yet to be born." The House chamber burst into applause. San Diego MLS listings