Sunday, November 15, 2009

The end of the homebuyer tax credit

Just in case people think the tax credit will be extended again after next April, from this article from Inman (behind a pay wall):
There was considerable resistance to raising the income limits for claiming the credit and expanding it to include existing homeowners with a track record of five years or more in that home, Goold said.NAR’s chief lobbyist, Jerry Giovaniello, was on the phone constantly with Sen. Johnny Isakson, the Georgia Republican and former real estate broker who was among the biggest proponents of extending the tax credit, she said.In the end, lawmakers "made us promise, practically in blood, that we would not come back," Goold said. She said NAR agreed that, "barring market surprises," Realtors would not seek another extension of the tax credit."So make it work," Goold said.

The whole article was pretty much the NAR gloating how much it got or is expected to get out of Congress (which is pretty sickening) and what it expects for next year. This quote for what is on tap in 2010 was pretty interesting:
Looking ahead to next year, Giovaniello said the big battle in 2010 will be deciding the fate of Fannie Mae and Freddie Mac, which because of heavy losses are now operating under government conservatorship. "By the time we meet next year, we are going to have to reinvent Fannie and Freddie," Giovaniello said.

The process will begin in earnest after President Obama’s State of the Union address, he said.

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