Today was the final day to take advantage of Obama's first-time homebuyer credit (read: please, PLEASE go out and buy a house) if you were not aware. My Going Concern colleague and fellow accounting nerd Joe Kristan summed up its "success" perfectly:
“Yes, it is a success, if the objective was to demonstrate that people will take free money if you give it to them.”
Zing.
Supposedly this means the sort of people who have been buying houses will continue buying houses but unlike Fed QE programs, when it's over, it's actually over. Or so I am guessing. Hoo-rah, what can we subsidize next? Plastic surgery? Kevlar armor? Shoes? Come on, Obama, let's stimulate this motherf^%$er or go home.
6 comments:
It's the cheese in the rat trap of homedebtorship.
I bet the farm on Zimbabwe Ben creating inflation.
If I'm wrong on that bet, people are still way better off renting.
Nice one, JD. The picure of the Free Candy Van made me roar out loud with laughter. My kind of humor. Thanks!
WC - Your Monopoly-money home ownership strategy is fantastic.
Goodbye Obamabucks Tax Credit.
Hello continued slide in real estate prices.
OK I think this is taking the whole "home owner pride of ownership" thing just a little too far. Talk about the grumpy old neighbor dude who yells at kids walking on the grass.....sheesh.
My God it's like a black version of the movie Gran Torino.
"With more than a year of the federal government's involvement, we are now reentering the free-market system. As we readjust to the free market, we expect to hit turbulence in some markets," says Pete Flint, Trulia co-founder and chief say in a press release. "We won't know the true severity of the tax-credit expiration until the conclusion of the peak home-buying season in the summer months. Only then will we have a better sense if the U.S. housing market can stand on its own two feet."
Hmmmm, I wonder if it can stand on its own two feet ?
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