Photo: kid_proquo If you’re a first-time home buyer you might be interested to know that Dan Marino’s 10-bedroom, 12-bathroom mansion in Weston, Florida, is up for sale for $13.5 million. Marino originally listed the home in 2006 for $15.9 million, but recently decided to make his offer more enticing by cutting the price and throwing in some designer furniture and an autographed football. If those new incentives get you excited, you need to stop and take a breath. Would you really be induced to spend $13.5 million on a house only because …
Read the original post here: MyMint 
One of the ways the U.S. Government is trying to stimulate the economy is through a first time home buyer tax credit in 2009. Passed as part of Obama’s Stimulus Bill , officially known as the American Recovery and Reinvestment Act of 2009 , the credit is a refundable tax credit of $8,000, or 10% of the home’s purchase... |
From Reuters: White House skeptical on renewing home buyers credit [Housing and Urban Development Secretary Shaun] Donovan told the Senate Banking Committee that while he was aware the program was popular with lawmakers, "At the same time, I am mindful that these proposals can be very expensive , especially at a time of significant budget deficits." ... Under questioning, Donovan... |
One of the key provisions of the $787 billion stimulus package passed by Congress early this year is the $8,000 First Time Home Buyer Tax Credit . With real estate in the tank, the United States government thought a great way to stimulate the economy and the housing market would be to offer a one time lump sum payment... |
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Obamanomics 101 [Political Opinion]
And what the president doesn't understand--or, to be more charitable, refuses to acknowledge--about free markets, the economy, and competition could fill a book, or at least an Obama speech. The economic growth he sees was produced, in part, by cash-for-clunkers and the first-time homebuyers tax credit.
721 Diggs, 454 Comments
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The Most Common First-Time Homebuyer Mistakes [Business & Finance]
Would you really be induced to spend $13.5 million on a house only because the seller throws in an autographed football? After all, you can get one on eBay for less than $100. For $13.5 million, Marino should come back once a year and hold a football camp for your son.
83 Diggs, 0 Comments
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Should the Home-Buyer Tax Credit Be Allowed to Expire? [Business & Finance]
Viewpoint: the $8,000 tax credit for first-time home buyers is set to expire soon.Many people want Congress to extend it, but there are strong reasons not to.
204 Diggs, 13 Comments
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Subprime lending is back with a vengeance (and a twist) [Business & Finance]
Just when you thought it was safe to go back in the water... Subprime lending has come roaring back. But this time, reckless financial innovation isn’t being hatched on Wall Street. Instead, state governments are angling to “monetize” first-time homebuyer tax credits so borrowers can purchase homes with little or no money down.
467 Diggs, 85 Comments
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One in Five Americans Plan to Buy a Home Despite Crisis [Business & Finance]
First Time Buyers Optimistic, Homeowners Search for Solutions to Stay in Homes While half (52%) of all Americans are concerned they or someone they know will face foreclosure in the next six to 12 months, 23% of adults plan to purchase a home in the next five years, and more than half of them (53.5%) are first time homebuyers, according to a new su...
44 Diggs, 2 Comments
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