Even as I've busted my behind the past week to do a short sale for a family who is about to lose their home to foreclosure, my feelings about how best to fix this mortgage mess are very mixed. Apparently the House and Senate Democrats are divided as well.
Among several other things, the House wants to provide first-time homebuyers a 10% credit towards the purchase of a home.
The Senate, as a part of it's larger plan, wants to offer a $7,000 tax credit to people who buy forclosures or homes in danger of going into foreclosure.
Am I missing something? As much as I'd like to make more sales and more commission by selling to all of those firsts-time buyers and investors, I fail to see how either one of these ideas helps people who are already in trouble. Sure, helping first time homebuyers is great, but didn't we get ourselves into this mess by allowing people with absolutely no money to buy homes? And maybe I'm dense on the Senate plan as well, but since when do investors need any sort of incentive to buy a foreclosure or pre-foreclosure property at roughly 80% of it's normal market value?
But what the heck do I know? I'm just the bozo out working until 9:00pm every night to keep you from losing your dang house.
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