President Joe Biden has proposed a new tax credit that would provide $5,000 per year — over two years — for first-time homebuyers.
The credit would offset the costs of purchasing a home — which are becoming increasingly unaffordable for middle-income Americans, amid high prices and mortgage rates.
Biden is calling on Congress to approve his “mortgage relief credit,” which the White House said will help more than 3.5 million middle-class families purchase their first home over the next two years.
An official told CBS MoneyWatch these credits — which will be split into $400 monthly payments — would be limited to households earning less than $200,000.
Biden is further proposing a one-year tax credit of up to $10,000 to middle-class families who sell their starter home (a home that is below the area median home price in the county) to another owner-occupant and help make more of these homes available to first-time homebuyers.
"Many homeowners have lower rates on their mortgages than current rates," the White House said. "This 'lock-in' effect makes homeowners more reluctant to sell and give up that low rate, even in circumstances where their current homes no longer fit their household needs."
Both of these credits would only be available to homebuyers who purchase properties in 2024 or 2025, CBS MoneyWatch reported.
https://finance.yahoo.com/news/biden...095800782.html
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03-27-2024, 07:30 PM #1
Biden says his 5K per year housing credit will help over 3.5M families buy first home
Trump 2024
Fake Teds Crew
40oz crew
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03-27-2024, 07:45 PM #2
homes are unaffordable because half of them are bought by corporations and not citizens.
if he REALLY wanted to help he would pass legislation making it impossible for corporations to buy single family homes.
they can still buy duplex's, condos, and apartment buildings.
but messing with the inventory of single family homes is what is causing the main problem.
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03-27-2024, 07:49 PM #3
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03-27-2024, 07:55 PM #4
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03-27-2024, 08:11 PM #5
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03-27-2024, 08:16 PM #6
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03-27-2024, 08:17 PM #7
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03-27-2024, 09:28 PM #8
5k? That aint chit in bideconminics
TRUE AMERICAN PATRIOT
AMERICA FIRST
TRUMP 2024
Pro-PALESTINE
ANTI-ZIONISM/ISRAEL
JERUSALEM, PALESTINE
deadwoodgregg: What an old loser boomer cuck from East Tennesse, I bet you're so lousy and lonely IRL
Thank God I do not live in BumFck EAST TENNESSE
***Disclaimer: All posts made by [2011change] are works of satire and made for entertainment use only.***
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03-27-2024, 09:50 PM #9
That’s not why.
The greater problem to the housing price increase was a lost decade of home building. New construction dropped 80-90% following the 2008 crash. It will almost a decade to get back to the same amount of starts per year. That combined with covid crunched the supplyRoyals Crew
Chiefs Crew
Festivus Crew
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03-28-2024, 04:59 AM #10
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03-28-2024, 05:05 AM #11
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03-28-2024, 05:09 AM #12
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03-28-2024, 05:11 AM #13
That's a nice talking point, do you have any proof? How does me buying a home I could afford, which I paid off in 4 1/2 years, have a relevance on "corporations"?
https://www.housingwire.com/articles...mes-this-year/
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03-28-2024, 05:40 AM #14
- Join Date: Jul 2003
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It's all political theater.. Obama did the same thing once when he gave $5k loans for first time homebuyers.. People who had been apartment dwellers their entire lives suddenly became ecstatic at the thought of buying their first house - even though it was spelled out that it was a LOAN that they would have to pay back.
"Do you think SHE actually felt like that was a sexual thing he was doing? She's like 6. Only an actual p3do would think that she thought he was groping her, too."
"Not that it's impossible to touch a minor inappropriately, but it is true that a 6 year old girl will not recognize someone putting a hand on their chest as groping, whether it is inappropriate or not."
- Jayarbie
https://forum.bodybuilding.com/showthread.php?t=182007113&p=1671975503#post1671975503
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03-28-2024, 05:45 AM #15
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03-28-2024, 06:14 AM #16
- Join Date: Jan 2011
- Location: Ohio, United States
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Speaking of buying/selling homes!...
This communist cuck should be in prison... right OPgenius? MinisterOfChildLust, NYFaqqot, Sillie, SeaTURD?? any of you twinks wanna chime in?
In before, "it's (D)ifferent!!""Rise and rise again until lambs become lions"
USAF 2006 - Present
If you see me in the garage practicing my nunchucks with my crocs on just keep driving.. I'm in the zone and don't want you getting pregnant.
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03-28-2024, 06:49 AM #17
i see the crash now but it's been steadily increasing since.
https://ipropertymanagement.com/rese...20since%201959.
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03-28-2024, 06:52 AM #18
i see that now.
looks like it has been increasing though.
https://ipropertymanagement.com/rese...20since%201959.
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03-28-2024, 07:10 AM #19
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03-28-2024, 09:55 AM #20
yep its getting better but there is still a massive shortage in most areas. now, im not saying institutional buyers dont contribute but its a drop in the bucket compared to the lack of new builds since 2005
last year about 4.1 million homes. its one of the lowest totals in recent history.
but we are talking about 20 million-ish homes not being built over the last 15 yearsRoyals Crew
Chiefs Crew
Festivus Crew
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03-28-2024, 09:56 AM #21
its not designed for those people. they are just gas lighting with that rate convo in this situation
are you correct that people with low rates dont want to give them up? yes you are and that is another factor hurting inventory right now. a few years ago mom and dad whose kid would be gradutating in a couple months would be getting ready to sell their house. they are just sitting on it now.
this will change as we move farther from the low rate environment tho. buyers have already come to terms with rates. sellers havent yetRoyals Crew
Chiefs Crew
Festivus Crew
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03-28-2024, 10:09 AM #22
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03-28-2024, 10:20 AM #23
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