Comments on: Is It Smart to Buy a Home in This Recession? http://www.moneyunder30.com/smart-buy-home-recession Personal Finance for the Young and Ambitious Mon, 15 Mar 2010 21:45:27 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: JEB http://www.moneyunder30.com/smart-buy-home-recession/comment-page-1#comment-2088 JEB Mon, 16 Feb 2009 18:50:31 +0000 http://www.moneyunder30.com/?p=1377#comment-2088 The $7500 first-time home-buyer tax "credit" (read as: loan) is probably going to be changed with this new stimulus act. It will still be a refundable $7500 that needs to be paid back for those purchasing between April 8, 2008 and December 31, 2009, but it looks like they are changing it to $8000 that does /not/ need to be paid back for those purchasing between January 1, 2009 and December 31, 2009. It might even be extended to anyone purchasing a primary house, not just first-time people. I am really, really hoping they make it so the $7500 from last year does not have to be paid back. I bought my house in May and just got my tax return with this money a couple weeks ago. I cannot find a definitive place where it gives the answer for certain and I have sure tried. I suspect it will be more easily accessible once the act is finalized. The $7500 first-time home-buyer tax “credit” (read as: loan) is probably going to be changed with this new stimulus act. It will still be a refundable $7500 that needs to be paid back for those purchasing between April 8, 2008 and December 31, 2009, but it looks like they are changing it to $8000 that does /not/ need to be paid back for those purchasing between January 1, 2009 and December 31, 2009. It might even be extended to anyone purchasing a primary house, not just first-time people.

I am really, really hoping they make it so the $7500 from last year does not have to be paid back. I bought my house in May and just got my tax return with this money a couple weeks ago. I cannot find a definitive place where it gives the answer for certain and I have sure tried. I suspect it will be more easily accessible once the act is finalized.

]]> By: RSmith http://www.moneyunder30.com/smart-buy-home-recession/comment-page-1#comment-2089 RSmith Mon, 16 Feb 2009 18:20:34 +0000 http://www.moneyunder30.com/?p=1377#comment-2089 The question of home values is a big concern, however, broad statistics do not take into consideration that real estate values are based on local comparisons. Home prices in a neighborhood with no distressed properties in the surrounding area should not be affected as much as other areas with downward pressure from short sales and foreclosures. The question of home values is a big concern, however, broad statistics do not take into consideration that real estate values are based on local comparisons. Home prices in a neighborhood with no distressed properties in the surrounding area should not be affected as much as other areas with downward pressure from short sales and foreclosures.

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