Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.
"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."
Here's the truth Comrade Isakson and Comrade Baucus; you can't bailout everyone, forever, that's just a fact. You may be "creative" in your attempt to hold Mr. Market at bay but eventually, as has happened since history was written down, Mr. Market will win. So all you are doing is duping people into buying a home with the false hope that they've gotten some sort of value for their money while in the mean time financially destroying the future of this nation.
OF COURSE there is an opposing view often expressed by W.C.; I am the idiot for not buying now because once hyperinflation kicks in, and my salary hopefully somehow inflates along with it, that mortgage for $700,000 for a 2 bedroom/1 bath house will be worth the price of seeing a movie in 2020. To which I respectfully retort, 'yeah but if that happens, the next stop in society's journey around the sun will be the Thunderdome.'
UPDATE: and then there is this posted at Zerohedge: Fannie becomes a landlord. This will not please Mr. Market one bit.
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