I was going to reserve complete judgment on the stimulus bill until after I learned how homeowners and buyers will be affected.
To be brief, the $35 billion proposal promised by the Senate (written about previously) which would have offered a $15,000 tax credit to any home buyer has been chopped. Instead of $35 billion, the provision is a bit smaller at $2 billion to $3 billion. And the $15,000 credit has been reduced slightly to $8,000. And only for first time home buyers.
The ONLY positive move in this shame of an attempt is the the $8,000 will not be a non interest need-to-be-repayed loan like the previous $7,500 first time home buyer credit was.
Congressional aides cautioned Wednesday that the credit’s size was still subject to negotiation. Super.
