Cash-4-Clunkers - Tax-credit-4-homes

[Javeton]

It seems that the "cash-for-clunkers" program recently authorized by
the federal government was a smashing success. So much so that the
first $billion ran out and Congress is working on another couple of
$billion in order to extend the program. Now, let's talk about the
tax
credit available to first-time home buyers. Has anyone heard about or
know people who purchased homes specifically because of the credit
they're supposed to be getting through the home buyer tax credit
program? Has any home buying stats based on this program even been
mentioned by the media yet?

I do understand that there is a difference between car purchase and
a home purchase, but let's face it, both industries were in the dumps
and needed a lot of help, and although neither one is operating
anywhere near the pre-Sub-prime levels, it seems that this cash-for-
clunkers program has had a much more significant impact on the auto
industry than
the tax credit is having on the real estate industry which, of
course,
feeds into the mortgage industry; also in need of a significant
boost.

We're continuing to do our part through Three-in-One Mortgage
Subscribed Links to create increased interest in homes and mortgages.
The addition of increased files being created and expanded on a
regular basis will hopefully garner that added interest. Check
out the links at the developer console location and let's
discuss those also:

http://www.google.com/coop/manage/subscribedlinks/?hl=en

[Javeton]

To shed a little more light on this topic, there are significant
differences in the two programs which are found in the mechanism that
is used to get funds into the hands of individuals eligible to
receive it, and the period over which the programs are effective.
The Consumer Assistance to Reduce and Save (CARS) program is
implemented through vouchers valued between $3,500 and $4,500 and
lasts for short period (July 1, 2009 to November 1, 2009; Whereas the
First-Time Homebuyer Tax Credit (FTHTC) is part of a broader program,
the American Recovery and Reinvestment Act (ARRA) and is implemented
over a longer period of time (April 8, 2008 to December 31, 2009)
during which first-time homebuyers receive the funds - $7,500
(repayable) to $8,000 - through a refund on their 2007 return, 2008
return, amended 2008 return or the 2009 return. We may see better
results (and stats) from the tax credit between now and April 15, 2010
(tax time next year), so there is still time to make those first-time
purchases in order to take advantage of the tax credit. It's real
money!

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