Tulsa Home Buyer Tax Credit
January 19, 2010
The Tax Credit Is Extended and Expanded
The federal Tulsa Home Buyer Tax Credit is approaching the April 30th 2010 deadline very quickly. This program is the only thing our current administration has truly done to actually stimulate the economy.
Failed Programs:
- This current administration is the one that has spent the $787,000,000,000. Yes that is $787 Billion with a B to stimulate the economy and they have no idea where it was spent nor exactly what the current balance is and to whom. Please don’t forget that the main intention of this was to keep the unemployment below 8% and now we are well above 10% and that number is very conservative if the truth was to be known.
- This is also the administration that has failed miserably at bailing out the banks by giving them billions with very little accountability or even basic rules that would truly stimulate loans to the people that actually need help and a lot of this bailout money did not even stay in the U.S…
- Another great example of an absolute travesty of a program, this current administration is trying and continually shoving down the Americans throat, is the current Health Care Bill. The back door deals that have been struck and outright bribery to get this so called “reform” through is a national disgrace and comes at a time that we can least afford it. At best the legislation will raise health cost, increase our taxes and reduce the overall quality of health care. Consider that fact that our postal system has been under the control of our government from day one and would close tomorrow without the continued subsidies by the government that it has had for years. Now we are expected to believe that the government can not manage getting a letter across the country efficiently but we can trust them to manage our health and the health of our families? If this bill was to pass this would be just another failed program that would absolutely bankrupt our country. The one thing everyone seems to be forgetting is do you want Washington dictating the level of healthcare you can and can’t have and when you can be treated. If you didn’t know better you would think that this administration was truly trying to destroy our country and the sad part is they are doing a fantastic job of that.
The Program That Worked – Time is Running Out
The government lost sight of what started this recession in the first place, the housing sector. They spent billions on ineffective and failed programs to stimulate the economy. The only effective program they have initiated to revive the economy is the Tax Credit but time is running out.
With that being said the first-time homebuyer tax credit being extended and expanded to include move-up buyers, prospective Tulsa home purchasers now have an unprecedented opportunity right now. There has never been another time in our nation in which…
- Tulsa Home prices are down significantly as in most areas of the country over the past three to four years. Plus the glut of Tulsa foreclosures makes for a particularly excellent buying opportunity.
- Mortgage Rates are at historic lows. Never before could purchaser purchase homes at such affordable rates as we have seen in the past 12 months.
- The government is literally subsidizing the purchase with a credit up to $6,500 for move-up buyers and up to $8,000 for first-time buyers. This is a dollar-for-dollar tax credit in addition to the deduction of interest and taxes paid.
Put these facts together and this means housing is the most affordable it has been in a generation. Despite frigid temperatures and unbearable winter so far in Oklahoma, our Tulsa area Realtors are gearing up for an early spring.
This Tulsa area Home buyer opportunity is not without challenges, including tighter qualification standards and low appraisals. From low scores to valuation challenges, every deal seems to have obstacles and takes longer to close. If the bank owns the home, the time it takes to get a contract approved may be excruciating but can be fruitful.
This administration truly needs to concentrate its efforts on continuing this first time home buying program and others like it. As we know this administration has a track record of making poor decisions. If our administration, would design more programs like the first-time homebuyer tax credit, that really stimulates the economy and provides jobs then their ratings might actually start to climb and our country might actually recover.
