Blog: Would You Buy A Foreclosed House If You Could Get A $15,000 Tax Credit?

Added April 2, 2008 by Melanie G. Rogers

Print Articles

U.S. Senate lawmakers announced yesterday that they're working on a bill to help homeowners facing foreclosure. Among the proposed measures - a $15,000 tax credit for people who buy foreclosed or newly built vacant homes.

If you look at this from a capitalist perspective this is a great idea - it will likely push people who were waffling on whether to buy a home or investment property to do it.

Of course a tax credit will not be enough to get people to buy homes in blighted neighborhoods. But it's a start.

A $15,000 tax credit beats other tax credits like those available for educational expenses or for buying a hybrid car.

But I still wonder if it's really the government's job to get involved. Was a lack of government regulation responsible for unqualified home buyers buying homes? It was the mortgage companies not doing due diligence.

Is it the government's job to jump start the housing market? Or is it merely delaying a further slowdown? At some point won't the government run out of bandages?

April 2, 2008.

We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, please post your comment below. We thank you for coming to ThinkGlink.com.

If you'd like to help us out, you can contribute to our site and keep the site free of charge. Thanks.

© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.

Previous blog post Next blog post