Senate renews push to expand homebuyer tax credit to 15K!! No income restrictions.

I'm sure it will excluded from Obama's "Pay Go" plan as everything else is...

But would be sweet....

Then again whats another billion in debt since we are going for 2 Trillion.....

Imagine buying your first home in the epic center of this collapse (Florida and Las Vegas) for 100K and getting 15K in credit! Wow! Just Wow!

Borrowers are letting you use your tax credit as a down payment and now they want to expand the credit to non-primary residences.

Buying speculative property on 100% financing... is their memory that short?

Even better....

1/3 of all new mortgages are FHA so the buyer just has to put 3.5% down....

Basically the tax credit in alot of instances

You can't make this stuff up!

This is really great! Let's take what just blew up and light more fuses.

How do these actions prevent risky borrowers from taking risky loans? We should all care about this.

It sounds dreamy to me... Good things happen to those who wait...?

The more I see ideas like this the more I'm convinced this leads us down the wrong path. The law of unintended consequences come to mind. Every time the gov't encourages one form of investment behavior it leads to some consequence we did not intend. By removing interest deductions on cars & credit cards we pushed people to borrow from their homes. Enough already! Time for a flat tax. The 15k benefits home builders more than buyers IMHO..

agreed...

So much effort to prop up real estate. It really shows our long term vulnerabilities.

so will it be $30k for those that buy during 2011? a friend was wondering about whether the tax credit was going to be available next year, he got lucky!

and other big tax credit to buy a GM car....and maybe another tax credit to buy a 10 yr treasury?

Agreed w evereone's comments - this is the most idiotic thing. And will further run up the deficit. And at the end of the day it may not have much of an effect; it probably won't benefit the people it's trying to help (who's it trying to help anywsy? homebuilders to get rid of their inventory?). Besides, with banks tightening credit standards, how much of an affect will a tax break have?

Another great idea from the Republicans, who drove our economy down the toilets! These guys...I'm telling you!

"And will further run up the deficit"

that will push mtg rates higher, which will push prices back down. still, some people want to take advantage of this. maybe is the cost of being in a democracy, politicians need to say "we try to at least do something".