$15, 000 Homebuyer Tax Credit Dropped from Stimulus Package

Breaking news out of Congress… After the Senate inserted a $15, 000 tax credit for homebuyers into the economic stimulus package, it appears to have been removed while the House and Senate were reconciling their two versions. From an AP News report:

Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15, 000 tax credit to defray the cost of buying a home…

There aren’t a lot of details yet, but it looks like they’ll be falling back to the $7, 500 house version of this credit (presumably with no repayment requirement, but only available to first-time homebuyers).

Update: Looks like it will be an $8, 000 tax credit for first-time homebuyers.

Source: Yahoo! News

61 Responses to “$15, 000 Homebuyer Tax Credit Dropped from Stimulus Package”

  1. Anonymous

    Just another way to manipulate the market value and prevent real estate prices from dropping to where people could reasonable afford to buy.

    It’s also a back-door bonus to the banks who have so many foreclosures to unload that they’ll have to offer fire-sale prices to even get people interested in looking to buy.

  2. Anonymous

    Talk to a tax professional !!!! You might have to file an amended return and NOT claim it for 08′ if you want to claim it for 09′. Otherwise you will probably have to pay it back. Don’t take my word for it though, it is just an opinion. Get help! Otherwise it might cost you big time in the long run…

  3. Anonymous

    I was able to claim it on my 2008 taxes…even though I bought the house in 2009 technically there was the option to claim it on this years taxes, just like the current plan. Im just wondering if I am free from repayment because I bought my house in 09 or if I will have to repay

  4. Anonymous


    I think you lucked out unless you were somehow able to claim the $7,500.00 credit on last years taxes. Since you bought the home this year that credit will show up on next year’s taxes. Best talk to a tax person though to be sure!

  5. Anonymous

    Okay after reading all of this I have a huge question. I bought my house on Jan 16th, 2009. I already filed my taxes back in january when the credit was 7500 and had to be repaid over 15 years. Now I am hearing that it is 8000 and does NOT need to be repaid. Am i stuck repaying my original plan or am i not obligated to pay that back now? So very confused, please help. Thanks.


  6. Anonymous


    To be more specific, if you were going to get $2,000 back and you bought a house for $80,000 (or more) you would then get $10,000 back. It does not matter if you paid that much in taxes or not. It is a credit, just like the child tax credit or earned income tax credit.

    Before you buy you should get a definitive explanation from your realtor….

  7. Anonymous

    Chris, as long as you’re a first time home buyer, you should get an additional 10% of your home’s purchase price back (up to $8,000 maximum). IE: if you buy an $80,000 home, you’ll get an extra $8,000 back when you file your 2009 tax return. If you buy a $150K home, you’ll still only get $8000 back, but if you buy a $50K home, you’ll only get $5K back. Hope this explaines this as best as I understand it.

  8. Anonymous

    Im beyond confused!. I hear so much bout the credits and such but honestly who can answer my question right. Lets say i’am projected to get 2000 dollars back without any home buyers credit, what would i get back with the credit?

  9. Anonymous

    Too bad if you bought a home less then you could afford, paid your mortgage on time and then some, paid more taxes then most and now that you want to upgrade to a nicer home and can stimulate the economy, but you wont because where is your motivation?!? A 15000 tax credit over 1-2 years would have been a huge motivator. Why would a reasonable person upgrade when they can invest more(given they have more the 15 years until retirement) and get stock “on sale” while still paying down their current mortgage!?! There is no benefit to the responsible mid to upper middle class that pays all the taxes anyway! Thank you Mr. President, I live way below my means, have waited to have a family after taking on student loans for an education to ensure a great career so I DO NOT NEED GOVERNMENT HANDOUTS. I will be penalized for making too much to qualify for deductions(student loan interest) but have sacrificed for and will be still paying for in the future. I believe we should all pay taxes to keep our wonderful country and infrastructure going. But when a responsible citizen has to take on the debt of irresponsible citizens and greedy corporations that’s where someone has to get mad. Where is the accountability?!?

  10. Anonymous

    Actually someone else said it would be possible to allow the “sale date” to be 12-31-08, effectively giving you the credit right away. Don’t know if that is true or not.

  11. Anonymous

    Dearest L.
    You won’t be buying a home in 2008 since that’s already over. The soonest you will buy a home is today, or tomorrow, or some other day in 2009. Thus, since you made the decision in 2009, you’ll be able to claim that on your 2009 tax return, which by the way, you probably won’t file till the beginning of 2010. That’s when you’ll reap the benefit of this scam.

  12. Anonymous

    Can I claim this tax deduction on my 2008 taxes if I am planning to buy a home in 2 months or do I have to wait to claim it next year with my 2009 taxes.

    I’m asking this because someone told me there was a box I could check off to get the deduction for this years taxes. Please inform if you can. Thanks in Advance.

  13. Anonymous

    Yeah, another case of F#$& the guy who pays his bills and does everything by the book but was looking for a little help to move to a better neighborhood with better schools. I am looking to move just so my kid can go to a school district where they don’t punish the kids who complain about being threatened everyday for being white. Our Delaware school district punished my son for this by telling him he couldn’t go to some of his classes and he could only use the nurse’s restroom. I guess this is some kind of “segregation is ok if it means less work I have to do” policy that floats in Delaware.

  14. Anonymous

    Bucko is dead on! Those who said this credit is just throwing in money for peoples down payment are dead wrong! People will still need the same downpayment, depending on the mortgage program they choose. IE: 20% or more down, 10% down, lower down FHA requirements, or even 0% down if qualified under VA. The credit only comes AFTER filing 2009 tax returns, at least 4-6 months AFTER this credit incentive period ends in August, 2009! The shame of this new bill is that this now only applies to 1st time home buyers, which account for probably LESS than 20% of what would have otherwise been the total potential homebuying market. As a real estate broker with over 30 years in the business, I know of people who would have even purchased (and can easily afford) moderately expensive ($250,000 +) homes, and would have been willing to keep their current home as investment or rental property. They would have still needed the necessary downpayment to purchase the new home, but would have been motivated by the credit, when it applied to everyone purchasing a new primary residence, and the credit was $15K. Now those folks are off the table again, sitting on the fence, and only 1st timers will get an incentive. Guess what? 1st time homebuyers normally don’t purchase moderately expensive homes! So,,, the only market that will be even remotely stimulated by this lousy bill will be the low-end, entry level homes, that are more than likely, (guess what again) BANK OWNED! Yes, this will probably move a small amount on NET inventory off the market, but there’s little or no help for the responsible homeowner trying to sell their home so they can move into another area of the homebuying market. We’re being duped BIG TIME on this new bill.

  15. Anonymous

    The conference report is now available on http://www.cspan.org

    The conference agreement extends the existing homebuyer credit for qualifying home purchases before Dec 1, 2009. The maximum credit is increased to $8000 and waives the repayment of the credit for qualifying home purchases Jan 1, 2009-Nov 30, 2009. A 2009 purchase may be treated as occurring on Dec 31, 2008. If home is disposed of and ceases to be the principal residence within 36 months of purchase the present rules for repayment apply. The effective date: the provision applies to residences purchased after Dec 31, 2008.

  16. Anonymous

    You guys need to stop giving advice if you don’t know what you are talking about. A tax credit will result in a higher refund if you are already due a refund. Whether you get a refund or have to pay at the end of the year is really just a function of whether you withheld too much or too little during the year. If you are due a refund because you withheld too much (a bad idea, as you are giving the gov’t an interest-free loan), and you are entitled to a credit, the credit will increase the amount of your refund. Period.

    The comments about “who really has to pay $15,000 in taxes?” are idiotic. The average household probably pays about $15k in taxes every year, but it’s taken out of your paycheck every month. So yes, an $8000 credit could result in the government “writing you an $8000 check,” i.e. giving you a giant refund.

  17. Anonymous

    @ Andre

    Even with $15k many areas are still too expensive. $15k off of $450k….who cares. In the cheap places (Detroit, Cleveland, etc.) the $15k won’t matter, as there aren’t any jobs there.

    Also, all this would do is prolong the real estate agony. It would create an artificial market that would fail and then continue down at some point. We still aren’t near historical norms in housing prices.

    Plus, I’m tired of paying for everyone’s mistakes. I rented the last 5 years knowing the real estate market was way over priced and now you want people like me to bail homeowners out. No way. Just because someone “needs” a 5 bedroom house for a 3 person family is not enough reason for me to pay part of their down payment. If we keep giving assets back to the fools, we will never get out of this recession/depression.

    “It is the markets’ job to reallocate money from the ignorant to the intelligent, from the lazy to the hard working and studious; from the naive to the educated, and from the speculator to the investor.” – Barry Ritholtz

    Let the markets do there job and this will be over sooner rather than later. All of this “help” will just drag out the agony.

  18. Anonymous

    I believe there was still a phase out planned for those earners over $150,000 on the $15,000 deal. Assuming an 18% adjusted tax on them they would pay $27,000 so they would be able to get back their entire amount. However, taking that number as the max person that could buy it, they would still be hard pressed AFFORD to hold two mortgages and would be at risk if anything happened to either of them. Most likely if it was not limited to new buyers then people would try to sell their home and move to a new one and get the $15,000 without any net change in number of available properties.

    All this to say that it still would likely have done little for the economy. You point out that the other items would not help either, and I agree that most of them will not, overall I am against the majority of this bailout.

    What is going to happen to the housing market in January of 2010 when this goes off the books, all the sudden there are no houses being purchased, the banks have problems, and in a couple more years we start all over with the foreclosure problems that we started with.

  19. Anonymous

    Stating that the $15,000 credit would not have had a positive effect on the economy is flat out wrong. The opposite is true, this would probably have had the biggest positive effect on the economy of all the various items mentioned in the stimulus package. The removal of this item is a huge blow to the overall package and it will be a shame if a package similar to it isn’t re-introduced soon.

    The best part about the original version of the $15,000 credit was that it didn’t only apply to first time home buyers. To the person who mentioned that they don’t owe $15,000 in taxes to begin with, the credit wasn’t designed for you. The people with the kind of money it will take to get housing moving again are the people who already own at least one house. These same people most likely own a business. It was designed for people who often pay large chunks of money to the government every year and would benefit from pocketing that $15,000 in exchange for taking some foreclosed property off the market and moving in to clean it up.

    And that’s exactly what would have happened; a limitation attached to the credit stated that in order to receive the credit, the new home must be a primary residence. The people purchasing those homes for the $15,000 credit would have had to move in to these properties. Most of them would not only move into an abandoned home, and clean it up, they would probably hang on to their old home. The simple reason being if you have $15,000 in taxes that you owe the IRS for one year, you probably make enough money to hold on to two mortgages.

    This could have generated billions of dollars of investment money that would have gone into the housing market. All of the excess inventory could be cleaned up by investors, while everyone could make money. Real estate agents, mortgage brokers, banks, etc. This type of bill is absolutely necessary to jump start the very part of the economy that got us into this mess in the first place.

    I personally know at least two real estate agents and a few mortgage brokers who had people calling them off the hook asking about properties in the past week. A lot of this activity was based on the proposed tax credit. It’s obvious to anyone in the industry what huge potential this had to get everything moving again and it’s a shame that it was removed. If every single one of us picks up the phone to call or even sends an email to our representatives to protest, maybe we can get something done about it.

  20. Anonymous

    When is the government going to realize that you can’t fix money problems by throwing more money at it? Just like the past stimulous that the government passed in which CEO’s bought a $50 million jet or refurnished their office for $1 million – including a $36,000 toilet. Not to mention that I read that another CEO was making $45K a month, not including bonus’. This is almost 4 times what I – a minimum wage worker – make in a full year!!! Money isn’t going to fix the under laying issues. Don’t get me wrong, I would love MY bailout, but we have been expereiencing high inflation over the past years due to greedy people and this is just the world finding it’s equilibrium.

    I would love to recieve $15K to jump blindly into the housing market, but realisticaly where am I going to get the money to make monthly payments. This is where the main issue in the housing market came from in the first place. Too many people getting thrown money to get into houses they really can’t afford. The housing market has been outragous for the past ten years and it needs to come down. Everyone that is waiting for this stimulous package to jump into the housing market is playing the game exactly how they expect you to. Two or three years down the road you will still have a mortgage with monthly payments. Look around at how many foreclosures there are, this isn’t just because people chose not to pay their bills, they got in way over their heads because they were only thinking about the present effects on their lives. Don’t get me wrong, I think something needs to be done about the economy, but throwing money at the problem isn’t going to fix it. This is one expensive bandaid that is just going to throw us deeper into a deficate.

  21. Anonymous


    Your are correct, I did not know the 15k could offset the fed taxes my employer took out already. This makes sense since over a two year period I would owe 15k in fed taxes. So as last night I was rooting for the 15k to be gone, now it looks like I really wanted the 15k to be passed. In any event since I am a first time home buyer this year and currently am bidding in houses I am sure I will qualify for the 8k tax credit.

    Crystal thanks for the link above, I am trying to get information on this new credit but can’t seem to find much.

  22. Anonymous

    Just saw this in the LA Times:

    “First-time home-buyers could qualify for an $8,000 tax credit.

    The credit is slightly larger than the $7,500 credit in existing law, but it is substantially less than a proposal in the Senate bill that would have boosted the credit to $15,000 and broadened the eligibility.

    In addition, the compromise bill waives a requirement that the tax credit be repaid. The credit applies only to homes bought between Jan. 1 and Aug. 31 of this year.

    Homeowners who install new doors, windows or furnaces to make their home more energy efficient would be able to get as much as $1,500 back through new tax breaks.”

  23. Anonymous


    That was definitely NOT the case with the prior $7,500.00 tax credit, since it had to be paid back!

    And I think you may be mistaken on this one too, since many Americans don’t pay $15,000 in federal taxes. I guess we’ll have to wait and see.

  24. Anonymous

    The credit rewards people on “main street” for making a committment. They would still need to come up with the normal amount of money to close a sale. The credit only comes after filing tax returns, but as you can see by the above posts, credits of any amount help people make the committment to purchase a home. However, limiting the amount (down to $8000) probably cuts the amount of committments by about 1/2 as well. NOW for the big wammy, it appears now to only apply to 1st time buyers. (probably less than 20% of the potential home buying market) I also thought a credit, was a credit! Not just to be used against taxes owed. If your tax liability is ZERO, I thought you will get the $8K check. Some people who are self employed often owe a whopping amount of taxes each year. Why would they benefit this much over someone who contributes (by withholding) on a weekly basis?

  25. Anonymous


    I think my math is off..you’d get $6,000 back in that example, but you got the gist of it.


    I’m in the same boat as you. Responsible with money and closing soon. It obviously would have benefited me to get the $15k refund instead of the $8k deal, but any help will be great. The way I look at this, is if I wasn’t going to be buying a home, my tax dollars would be paying for other people’s homes, furniture, fences, and all that. It will stimulate the economy, but why at the expense of my and someday my children’s expense? It sounds like you are in a situation where you don’t really need the extra “free money”. Be smart and you’ll eventually be able to buy all those things without govt help. Good Luck with your first home.

  26. Anonymous

    Is the credit whatever is left of it still only a first-time buyers only credit? People and there situations change over the years. We were thinking about buying another house after owning the one we have for 10 years.
    First time buyers would seem to be a higher risk. I think there would be a flood of buyers in the market if this credit whatever it may be was extended to all buyers.

  27. Anonymous

    Thanks Brad. Thats does answer my question then, if you are correct then I totally see the value in that tax credit. Damn, I am changing my tune…bring back the 15 tax credit!!! Ugh…. not gonna happen.

  28. Anonymous

    I was personally a little disappointed by the 15,000 being dropped. My husband and I are closing on a house in 5 days- we are first time home buyers. The 15,000 was going to help buy furniture, put up fencing, and buy a car, thus putting money back in the economy. Now, the 8,000 credit is great too but as a young couple, who both have good paying jobs, the 15,000 would really help us get started on our new home and life together. I’m very interested when the enactment date for the 8,000 would be (all homes closed after Jan 1, 2009? or all homes bought after the stimulus passes?). Either way, this effects me a lot. Either way, its money in 2 responsible peoples hands to spend money in the economy. I would like to know if we would have to pay the 8,000 back (like the 7,500 was) or if it is a true credit. Anyone heard?

  29. Anonymous

    It looks like a lot of commenters are confused about the $15k refundable tax credit (not applicable anymore, but just clarifying).

    This credit was only good if you owed the government taxes over the next 2 year. Most people have taxes deducted from each paycheck and come tax time, you get a refund if you pay more than what you actually owe, or have to pay more if you didn’t pay enough. This refundable credit takes into account the money you’ve already paid from each paycheck. Example being…if your employer witholds $500 per month for Federal Taxes, at the end of the year, you’ve paid $6,000 in federal taxes. You then do your taxes and find you are to get a $1000 tax rebate, the amount you would “owe” the govt is $5000. With the $15k refundable credit, you would then be elilgible for a $5000 rebate check.

    If you are in a situation where you don’t make much money and therefore don’t pay any taxes…well, then you would be out of luck. (but really, should you be buying a house in that situation?)

  30. Anonymous


    I am sorry but u r dead wrong. Its non-refundable, the tax credit ONLY offsets your current tax provisions. Therefore if I was owed $1000 back from the Gov’t I do not get $16000 back. If that was the case, I would love it!!! I spent the last three days researching this and I wish u were right.

  31. Anonymous


    It does not matter if you owe or not! A credit is a credit. You would get a check from the government if you did not owe anything… just like all the people with kids and low incomes, they get free money from the government. Ain’t that just grand?

  32. Anonymous

    Also, does anyone know if the income limits will remain in order to qualify for the credit? It appeared that the dead $15,000 credit provision not only dropped the first time buyer provision but had also dumped the income limits. Seems that a lot of City folk I know are like us; we are all dying to buy homes but would just barely fail to qualify for the credit. That income limit is infuriating to us; it gives us no incentive to jump into a market where the prices have not dipped nearly as much as the rest of the country, the secondary mortgage market has disappeared and we are therefore forced us to consider blowing our life savings on a 20% down payment to avoid a rediculously high Jumbo mortgage rate that we can’t afford and a PMI. Do I sound angry?

  33. Anonymous


    Your correct the 15k did not need to be paid back but in order to use trhe credit u have to owe the Government money back every year. I never owe money therefore the credit is useless to someone like me. The $7500, well actually it is a zero interest loan, atleast put money back in my pocket which is nice. All I have to do is pay it back starting 2010 with $500 each tax year as additional tax on my return. Well once I buy my house I can now deduct my mortage interest which will offset some of that money I have to pay back ($500), and I always about 1k back so not it will be $500, no big deal. I really question whoever came up with the 15k, who that really helps???? Any where in the hell can u get a “decent” house for 80K, I need to move there. It sure as hell isn’t in the tri-state area…(NJ,NYPa)

  34. Anonymous

    my wife and i for one, were ready to jump into the housing market. inorder to buy a somewhat larger home to accomadate my mother in law living with us. we are middle income blue collar folk and this 15k incentive was a very big deal, a very big motivator. we dont know if we will take the plunge now. for me the 15k tax credit was important inorder to intice other buyers off the sidelines and take a look at our current home that we would list. this 15k would also off set any additional money we had to pay out carrying both mortgages if our current home did not sell. oh well. guess i will just save up my additional $13 a week in new tax breaks i am supposed to get. which is about equal to a meal for 3 at “mickey-d’s”. not much stimulus there in my opinion.

  35. Anonymous


    Have you seen any details that explicitly say what the requirements and terms of the Credit are? if so, what is your source?

    Right now, the new housing stimulus measure is likely one of the following:

    1) like the current First time home buyer Tax Credit, just $8,000 instead of $7,500.
    2) like the “House” version where the $8,000 is refundable and you do not pay it back.
    3) like the “Senate” version where the $8,000 is non refundable, you do not pay it back, and you may or may not claim it over span of 1 or 2 years.
    4) Could be a mixture of 2 and 3.

    I’m guessing it is option 2.

  36. Anonymous

    Does anyone know if the $8,000 is for a one year credit? The 15k was going to be over 2 years. Where I live you can get a half way decent house for 80k. I’d be inclined to buy if that is the case.

  37. Anonymous

    This credit is useless for the overall economy and the overall real estate market, whether it’s $15k or $7,500. What good is a credit when people are losing jobs left and right? It’s no good. Plus, housing still has a little further to go. If they would just stop putting in these artificial supports housing could just crash and start it’s recovery. Instead we will receive a 100,000 paper cuts instead of one deep painful one.

  38. Anonymous

    THe 15k tax credit was a joke, who owes 15k to the Government in the taxes over the next two years. Not me, I get money back every year and that supposed “Tax Credit” was nonrefundable, and everyone I know in a similiar situation that is on the edge of buying a house is the same way. I can’t imagine who that tax credit really helps. The origional $7500 at least put money back in our pockets for the money we spent on closing cost…ect. Now, if they could just make that $7500 a actual refundable tax credit that we didn’t have to pay back, that would be nice.

  39. Anonymous

    @Phillip, If the 15K were never brought up people would be sitting on the sidelines just like they were before it was brought up. There was a lot of interest in this for good reason. We need a catalyst and this was it. Here is how I see it: the 15K offsets losses that people are facing on their current property and this motivates them to sell. These are people who want and need to move but aren’t sure about the best way to do it. The 15K offers the logical solution of: its okay to loose some equity on this deal because now I can go take advantage of below market values and a large tax benefit. This does not even take into account the folks that 1st timers waiting for a big green light, bigger than ‘here’s some dollars now make sure and remember you have to give those back on the government’s terms’. As for it contributing to future foreclosures and not contributing to long term impacts – underwriting is now requiring what it should have been all along and if a wheel stops spinning you don’t get it going again if there’s nothing to gain traction on.

  40. Anonymous

    I think the 7,500 version of the credit is a bad idea. I think the 15,000 dollar version of the credit was an even worse idea. So I’m glad it got dropped.

    I honestly think low interest rates are the key to fixing the housing market mess and 30-year fixed rates are supposedly heading towards the 4% mark. Low mortgage rates are really what started the “boom” to begin with. Low rates coupled with the availability of homes will open the market up to more people. That is not a bad thing now and it wasn’t a bad thing a few years ago either. Things got bad when lax lending standards and greed, rather than market dynamics, opened up housing to people who could not afford it. People will start buying again – the deals are getting better and better everyday. As long as the banks begin lending again and doing so in a responsible manner – one that serves their future interest as much as it does their current, then things will begin to right itself in time and that’s the way it should be. The tax credit is the government’s way of trying to speed this process up before its ready to happen and I would rather they didn’t use my money to make things worse.

  41. Anonymous

    I’m really upset that the credit was scrubbed from the bill. Our economy isn’t going to get better until we do something to stabilize and improve the housing market. Think about it: when people buy homes, they pay property taxes. Those property taxes directly and quickly affect our communities by funding schools, infrastructure improvement, police and fire personnel, a demand for home construction, and so much more. Thus, jobs are created and communities are safer and happier because mayors don’t have to cut important services. AND, the lucky new home owner has an extra $15,000 to put back into the economy. Everyone wins when people can buy their own homes…so I can’t believe it’s one of the things they cut from the bill.

  42. Anonymous

    Still haven’t found all the details about refundable, repayable, when is if effective, but I did find this on Foxnews.com

    “A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August.”

  43. Anonymous

    @Mike, you say people are waiting for this to be in the bill so they can get it. I think if it were never brought up then people would not be waiting and hurting the current market by staying out. Simply debating this item does not help the market out in my opinion. Passing it would create a rush in home sales but I don’t feel it would in the long run or particularly in the short term of the next couple years improve anything.

  44. Anonymous

    This credit getting back to the House version is a big, big deal. I work for a major real estate brokerage, and I can’t tell you how many buyers are waiting for something like this to actually move on a house. We even have found that home prices right now are BELOW what they should be if there was normal appreciation over the last 20 years. Even if houses sold for $15K more than they are listed now, they are still a good deal and they might actually get some buyers to move.

    And the risks of foreclosure crisis are minimal now. The mortgage industry has put such tight regulations, that you won’t get approved unless you can afford it. Unemployement would be the only reason for foreclosures to continue to occur. You can blame alot of the foreclosures on all of the lax governing of the mortgage system over the last 15 years.

  45. Anonymous

    It looks like the credit was reduced to $8000 for first time home buyers in this latest package. I can’t find anything that says if this will be like the original $7500 that has to be paid back or if it is a true credit.

  46. Anonymous

    I think the $15,000 is a really bad idea, honestly all it will do is raise the prices of homes by about that much. That will really hurt in some areas that have not had problems with the housing market to a great extent, all the sudden values will jump.

    I for one would be tempted to sell my house and buy another house to get the $15,000 since it is not for first time home buyers any more. I think it would create a huge mess and having people just moving around would not help anyone out.

    I still think the $7,500 that you pay back over time was the closest to a reasonable approach.

  47. Anonymous

    This home buyer credit is a bad idea. It will have the net effect of putting more financially frail buyers in homes, increasing the risk of foreclosures. The government would be better off using the money to buy a bunch of low cost homes then holding lotteries to give them away. People will always buy lottery tickets.

  48. Anonymous

    If they keep the 15000 tax credit, Im ready to buy!!!
    There are many others like me, this would really give the real estate market a boost and help put this economy ack on track. To remove it would not be prudent.

  49. My understanding is that the Senate amendment has been removed, which drops it back to the $7500 House version (presumably refundable, but details are sparse). This would equate to the “sharp reduction” that you’ve read about in some places.

  50. Anonymous

    I read that information also but when I researched that further on CNN’s website it says they still kept the tax credit for homebuyers but reduced the amount. Who knows??

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