WAIT THERES MORE!!! Homebuyers Tax Credit Extension Coming Soon
I knew this would happen. Bad economics combined with suck up politics. The Senate is close to agreeing on an extension of the Homebuyers Tax Credit. But as the late Billy Mays says, WAIT, THERE’S MORE!!!
How about a credit for every homebuyer whose name is not Rockefeller. You don’t need to be a first time homebuyer, everyone can get in on the action. We will not credit your home purchase 2%, not 4%, not 8%… NO, WE WILL CREDIT IT 10%!!! (read the fine print)
And with all the extra spending we are doing you need not worry, we are going to roll it into the huge pile of debt in the corner of the budget. You will never even notice it.
When the April 30th deadline approaches, don’t you worry… The NAR and the NAMB will send our buddies their lobbyists to the hill and we will do it all over again. So we will systemitize an extra 8,000 on every real estate transaction going on into the future with tax money.
Now here’s how to order.
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Great blog, keep the great content coming! 
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Comment by Joe Spake on 27 October 2009:
Brilliant post, Tom. I can’t believe there has not been some kind of outcry from non-homebuying tax payers. NAR’s (and mostRealtors’) position is short-sighted, and delaying the market’s true bottom. Every one of my clients who took advantage of the $8K would have bought anyway in 2009. And now it is going to be extended to anyone who wants to take it. The next thing you know the feds will be artificially lowering mortgage rates. Ever think about why rates are so low in this time of high risk? That economic formula doesn’t work either.
Comment by Eric Hempler on 27 October 2009:
NAR should know better and this includes the Realtors supporting the tax incentives. The entire group should want the economy as a whole to recover. The only way the housing market will truly recover is from job creation and that will take time. By creating these incentives we are creating another bubble. How is the market supposed to stabilize with these incentives pushing prices up?
Comment by Trish Nelson on 28 October 2009:
I agree with the other two responders. I guess the only way I can justify this in my mind is to say that if this administration/congress is going to squander tax dollars at least it’s tax dollars going into my industry. It’s hard to remain silent at various meetings I attend when everyone is cheering on this credit.