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Coming Soon to a Bailout Plan Near You

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May 07, 2008 – Comments (6)

Lawrence Yun, the discredited but still vocal mouthpiece for the National Association of Realtors, demands that congress provide yet more market-warping tax-giveaways so that he and his audience of six-percenters at the NAR can get their commission checks.

Given the amount of time, energy, and moolah the NAR spends pushing around insecure politicians, I think it would be unwise to assume that this latest bailout request won't be coming out soon.

"Although some market adjustments are necessary, a downward overshooting of the housing market would cause unnecessary loss in economic output, income and jobs," Yun said. "It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that."

 

6 Comments – Post Your Own

#1) On May 07, 2008 at 11:47 AM, ByrneShill (75.61) wrote:

WTF??? A home buyer tax credit??? Can't you guys already deduct the interest on your mortgages?

Soon Best Buy will ask for a tax credit for plasma tv buyers. Cause you know, some peoples are sitting on the fences about that 52 inchers.

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#2) On May 07, 2008 at 11:49 AM, leohaas (35.73) wrote:

Not long ago, it was "pent up demand". Now it is "fence sitters". Should we take bets on what it will be next month?

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#3) On May 07, 2008 at 1:34 PM, QualityPicks (54.81) wrote:

I'm a fence sitter. What will make me jump in is not a home buyer tax credit, but more realistic prices. Prices are just entering the atmosphere, as they were somewhere in the moon. :) I was approached by a friend realtor on a gathering a week ago and he gave me a good speach on why I should be buying NOW! :) He said houses are really cheap now, interests are really low, and that if I waited 6 months, the best houses will be gone from the current inventory.

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#4) On May 07, 2008 at 1:40 PM, TMFBent (99.83) wrote:

What will make me jump in is not a home buyer tax credit, but more realistic prices.

Precisely. However these guys, who suffer from what doctors call recto-cranial-inversion syndrome, don't like that option.

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#5) On May 07, 2008 at 1:53 PM, madcowmonkey (< 20) wrote:

A RE agent trying to get somebody to buy. Sounds like they are just doing there job, I think talking people into buying is part of the gig. No offense to RE agents on caps, just some senseless humor. 

No tax credit will help people purchase a house that is on the way down in value. Nobody ever walks into a house going, wow I really like the vaulted ceilings and you know I could really use a tax break that will give me back a fraction of the money I am putting in.

What is up with so many bad ideas about housing lately. Let the prices drop if they must and allow people to foreclose. What is the point of dragging lame brain ideas through the media anymore. It just ends up pissing the renters and the renters who bought and foreclosed on the property off. By the way bent. I tried answering your question about the hedge funds. I am not sure if you are still interested, but I gave it a shot. I am sure I gave you some room to mock my opinion, which I can handle.

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#6) On May 07, 2008 at 2:44 PM, mandrake66 (96.39) wrote:

Not long ago, it was "pent up demand". Now it is "fence sitters". Should we take bets on what it will be next month?

Recovering fence sitters, after the fence collapses. 

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