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RayAmerica
2010 Jun 16, 3:42am
When did the tax deduction for mortgages start?
You are confusing the Mortgage Tax Deduction with the Federal Tax Credits for Homebuyers. Indigently, the mortgage tax deduction only applies if one itemizes, which for most people does not pay. The tax credits for homebuyers did exactly what we said it would; pull into the market FUTURE buyers which would result in a slower housing market in the FUTURE, which has now been proven to be the case. This program did nothing to stabilize the housing market. It did expand the Federal deficit (and National Debt), a problem that the Obamatards have no problem with passing that bill onto their kids and grandkids.
simchaland says: "Really? Because I thought he meant that “Owebama†is printing new money with his picture on each bill and that we were going to start using this “Owebama Money†instead of US Dollars."
Ala the film "Idiocracy"? :-) Loved that film, as depressingly accurate as it seems some days.
Vicente
2010 Jun 16, 4:39am
When did the tax deduction for mortgages start?
You are confusing the Mortgage Tax Deduction with the Federal Tax Credits for Homebuyers. Indigently
My point was broad not specific. US housing has been subsidized at many levels for a long time. This credit thing is a pimple on the elephant in the room. At best it's a bandaid atop a sucking chest wound.
The fair thing to do, is remove subsidies at all levels. No deductions, no credits, no special assistance to big homebuilders, no city incentives to subdivision developers, no easy writeoffs for your flubs. Require vacant houses be sold at public auction. However this runs counter to decades of entrenched American belief that single-family housing is an "investment" and should be assisted without looking at costs, and it well predates Obama. It goes much further back than Bush Junior inane push for the "Ownership Society".
RayAmerica
2010 Jun 16, 5:37am
It goes much further back than Bush Junior inane push for the “Ownership Societyâ€.
You are right about that. Back in 1992 Clinton advocated the position that "every American should own a home" and said that goal could be achieved by the year "2000." Bush had the EXACT same position. What bothers me about this mess is that Democrats attempt to put all the blame on Bush, etc. when in fact they are every bit as guilty. Which draws me to the conclusion that they are just partisan party hacks that always attempt to blame the other side, in this case GOPers. I have the same distain for GOPers that try to put all the blame on the Democrats while ignoring that their own party is culpable as well.
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Mortgage Applications Plummet To 13-Year Low As Tax Cuts Expire
“Purchase applications plummeted 27 percent last week and have declined almost 20 percent over the past month, despite relatively low interest rates. The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season. In fact, this drop occurred even as rates on 30-year fixed-rate mortgages continued to fall, and at 4.83 percent are at their lowest level since November 2009,†said Michael Fratantoni, MBA’s Vice President of Research and Economics. “However, refinance borrowers did react to these lower rates, with refi applications up almost 15 percent, hitting their highest level in nine weeks.
... The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.83 percent from 4.96 percent, with points increasing to 1.08 from 0.91 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
Call your Congressman, Congresswoman, Congressit NOW! Without more air this bubble is really going to burst. We need more free Obama Money now!
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