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November 5, 2009

Isakson: It's the last homebuyer giveaway! Really!

Former real estate agent Sen. Johnny Isakson is helping out his Realtor pals by getting Congress to pass another round of homebuyer tax credits. Looks like the $8,000 credit, which was supposed to expire at the end of November, will be extended to April 30. It looks like it'll also be granted to families with higher incomes than before and offered at a lower level ($6,500) to "move-up" buyers, as long as they have lived in their present homes for five years. (The first one was for first-time buyers only.)

But this is really truly the last housing giveaway, Isakson says. And this time he means it!

"Tax credits like this only work by creating the sense of urgency to take advantage of them. This is the last extension of the home buyer tax credit, and I urge all Americans whether they're first-time buyers who've always dreamed of having a home of their own or someone who's been gridlocked in the failure of our move-up market to take advantage of this opportunity."

Where's Supernanny when you need her to intervene and stop this ineffective parenting?

Posted by Jay Hancock at 10:57 AM | | Comments (2)
Categories: The Great Recession
        

Comments

It is times like this that make me glad we don't have term limits.

Without term limits, when these jokers don't get re-elected they really get the message that it is because of THEM in particular.

It is going to be VERY interesting next November if the House goes along with this.


Giving $6500 to those already in homes to "trade up"? o_O

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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