The $8000 first-time homebuyer’s credit is set to expire on November 30th and in the midst of a storm of controversy surrounding the possibility of fraud in over 100,000 claims for the tax credit there is a push to have the homebuyers’ credit extended and modified to increase eligibility and give homebuyers a larger piece of the stimulus pie.
The National Association of Realtors claims that about 355,000 homes were sold that would not have been if the homebuyer’s credit had not been extended to buyers. It is also suggested that over 175 thousand new jobs were created over the span of time that this credit has been in place so far.
Some Senators are working to have the length of time that the homebuyer's credit is available, possibly keeping the program going until next summer if all goes well. There is also a plan in the works to change the family income limits so that more people can qualify for the program.
While the price tag for this stimulus plan is sure to continue to add up if it progresses for an additional seven months, it has been and likely will continue to be a constructive way for the government to support many everyday citizens. However, it is unfortunate that to get $8000 from the government to help you through this recession you have to not have fallen to job loss and a certain level of poverty where you can no longer afford to buy a home at all. There are many people across the country that might have benefitted from a program such as this before the climbing incidence of unemployment made it impossible for them to afford their own home, unfortunately.
It should prove to be interesting what the IRS investigations of possible fraudulent first-time homebuyer’s credits turn up; hopefully the government forces in charge of making programs like this happen don’t decide that it’s too risky to continue helping out citizens because of criminal scams like these.
In a way it’s ironic that such a big fuss is being made over the money that might be lost even in thousands of fraudulent claims when another big story in the news currently is concerned with the possibility that there is more than $315 billion dollars is outstanding from TARP program lending with the programs ending December 31st. It might have been more productive for more money to have been available for homeowners to use to pay their mortgages from government funds than for the government to prop up failing lenders after all.
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