Posted on 03/13/2008 11:07:18 AM PDT by BGHater
Sen Johnny Isakson Says Checks Would Entice People To Buy
He would know.
As a longtime realtor in Cobb County, Sen. Johnny Isakson has seen housing downturns before. "We had recessions in 1968, 1974, 1982, and 1991, by every measurement, this is going to be a deeper and bigger recession in residential housing. It's a significant event."
Isakson is pitching an idea to his colleagues in Congress: a $15,000 tax rebate check to anyone who agrees to buy a home. Congressional budget analysts project the program would cost $14 billion over the next few years. But Isakson said the rebate checks are well worth the hefty price tag. "If we can convince buyers to come back to the marketplace and buy these houses, then the houses aren't vacant. It's replaced by an owner-occupant, who is there making payments on a loan and helping all of the other houses around."
Senate Republican leaders have signed on to the rebate check idea. But they have to corral support from Democrats. Senate Democratic leader Harry Reid is instead pushing a foreclosure relief proposal called The Foreclosure Prevention Act of 2008, which would offer $4 billion to cities to rehab or knock down foreclosed properties. Reid's Democratic colleague Sen. Bob Casey said, "It's important that we have as much money as possible in the hands of local communities, to get it into communities, where they know how to spend those dollars and help families through this crisis."
Figures compiled for wsbtv.com by mortgage analysts with RealtyTrac show a surge in Atlanta-area foreclosures. In 2006, RealtyTrac reported 33,018 foreclosure filings in the Atlanta region. In 2007, 50,271 people were foreclosed upon.
The Senate is expected to debate both competing foreclosure proposals. Presidential candidates have also publicly announced proposals to ease the housing crisis. Sen. Hillary Clinton has proposed a temporary freeze on all home foreclosures.
so much for the flat tax
Does refinancing count?
/tongue in cheek
Bullshiat, let the housing prices fall to an affordable level, the reason people aren’t buying is because they can’t afford the damn things anymore.
This is NOT a good idea.
Last time I checked, and I could be wrong here, Congress doesn’t manufactur products, produce goods and services, or grow crops or mine commodities for sale and income.
Just WHOSE money are they talking about when Congress decides to give a rebate to home buyers?
It had better not be mine.
Carolyn
This is just more self stimulus that will prove to be economically just as empty of fulfillment. We would be just as well off to insist that homeowners get a large cash advance on their own credit cards.
Discrimination against existing home owners.
Johnny is not the sharpest knife in the drawer, and he made his $$ in real estate in the Atlanta area. A very feeble idea. Politician cannot see the error of their ways - just a few years ago they were promoting home ownership to anyone who could fog a mirror. This was a big part of the problem. So here comes Johnny - stepping in it once again.
So who will end up truly owning “your” house? The bank or the government?
Not that it’s easy to tell the difference anymore...
Ugh. Congress should just let the market self-correct and keep their noses out of it!
“Just WHOSE money are they talking about when Congress decides to give a rebate to home buyers?”
maybe Congress can get Spitzer to launder some from his charities etc.
Heck, in some of the backwater places I have traveled through in the US, this could almost be payment in full!!! LOL!!!
My neighbor and I am going to buy each other’s house and make $15K a piece whoopie!
Correct.
This is a BAD idea.
I can’t find anything in Article 1 of the Constitution of the United States of America that gives Congress the power to use my money to try to increase the number of people buying houses in the country.
Can someone help me out, here?
I was just thinking that I wouldn’t mind picking up a $15K worth of land with a fishing/hunting cabin somewhere.
What the Congress wants is tantamount to issuing you a credit card, taking a large cash advance on it, giving the cash to someone else, and leaving you stuck to pay the bill.
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