Late on Wednesday February 11th, Congress approved a tax break of up to $8,000 for first-time home buyers.
So just think: If Congress had passed this bill back in October of 2008, they could have saved the taxpayers the $700,000 billion that the banking industry squandered on themselves instead of investing it in economic incentives that would circulate through the private sector. At least the taxpayers are getting something back this time around – and the flagging Charlotte real estate market is finally getting a jump start.
- Julie
The FTHB Tax Credit seemed really good on the surface but looking back I now think it did more harm than good. It accelerated the purchase market so there was a large number of people buying homes in a short time rather than spreading it over time. The other problem was they should not have extended a second time because now it is going to take that much longer to recover from it.