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Your Take: Isakson’s $15,000 Homebuyer’s Credit
Posted By Jim On 06/19/2009 @ 8:08 am In Your Take | 39 Comments
If you’re signed up for the Bargaineering newsletter , I included a mention of a potential $15,000 homebuyer credit in the latest Thursday email. The $15,000 homebuyer’s credit was introduced by Senator Johnny Isakson (GA-R) that would increase the current $8,000 first-time homebuyer credit  to $15,000 and could be used by anyone who bought a primary residence, not just first-timers. Another crucial change would be the removal of the current income limits. Isakson played a big role in getting the first $8,000 homebuyer credit into law. The logic behind this increase is in stimulating the “move-up market.” That is, those going from their first home to their second home. This US News article  has more “expert” opinion on the subject if you’re interested, but I wanted your opinion.
My feelings about this potentially new credit are mixed. On one hand, I recognize the importance of stimulating the housing market. On the other, it’s another $32 billion of spending. What’s $32 billion in a budget of trillions?
I don’t like the slippery slope we’re going down. First we had the first-time homebuyer loan, then the $8,000 homebuyer credit, and now potentially a $15,000 homebuyer’s credit – all benefiting the housing industry. We have the cash for clunkers  program, which recently passed both chambers of Congress and will likely be signed into law soon, which benefits the auto industry. All these programs to spur spending, which is important during a recession, but is it the right thing to do?
What do you think?
(Photo: billtex48 )
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 Bargaineering newsletter: http://www.bargaineering.com/articles/bargaineering-email-newsletter.html
 $8,000 first-time homebuyer credit: http://www.bargaineering.com/articles/8000-first-time-homebuyers-credit.html
 US News article: http://www.usnews.com/blogs/the-home-front/2009/06/12/will-the-8000-first-time-home-buyer-tax-credit-expand-to-15000.html
 cash for clunkers: http://www.bargaineering.com/articles/cash-for-clunkers-bill.html
 billtex48: http://www.flickr.com/photos/billtex48/886589178/sizes/l/
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