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(English) 4 Ideas To Spur Home Sales

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4 comentarios
  1. Nancy Judovits
    Nancy Judovits Dice:

    Very interesting, Dean. After the last couple of years I really am fiscally NOT a fan of further tax credits. My gut feeling is they did little to push those off the fence that were not going to buy any way. It may have made them buy a few months earlier which set us up for the July pending home sales figures we just saw…but they were going to buy in 2010 any way. They also set up a feeling of animosity toward the buyer on the part of the seller in some cases. I had more than a couple of sellers who could not help but point out that their buyers were getting their house for a great price…which they were…the buyers were getting a seller assist to pay their closing costs…which they were….AND the buyers were getting a tax credit paid ultimately by the seller and all American tax payers as well…which they were…leaving the seller feeling like he ultimately got the short end of the stick. The idea of a tax credit for the seller to help them sell their property at a lower price and fund the buyers’ closing costs through a credit would have «felt» better to them (although if it gave the consequence of adding more homes to our already large inventory that may do more harm than good). At this stage of the game I do not think the country can afford another large scale tax credit. I do not think they entice anyone to do anything they were not going to do anyway. They are just a government hand out and add to an already out of control deficit. The market needs to do what markets do. Hang on everyone…we are still on a very bumpy ride.

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  2. Dean Hartman
    Dean Hartman Dice:

    I support any idea that can push homes through the meat grinder. As I have pointed out in other blogs, the government receives substantial income tax revenue when a home sells (from the agent’s commission, the LO commission, and all the ancillary services). $8000 doesn’t really cost the tax payer $8000.

    I also like comps at higher sales prices. :-)

    Not sure if it’s the cure, but I do know we need to do something.

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  3. Brad - Home Loan Artist
    Brad - Home Loan Artist Dice:

    I like ideas, but I’m not sure making mortgage rates more affordable (meaning no risk based pricing assinged to investor loans) and requiring less of a down payment for investors is a recipe for success. Where I live, the investors who financed high LTV loans were the ones who played a huge role in the crash where we lost 65% of our home value.

    How about keeping more decent paying jobs in the United States? That might help a little.

    I fully agree with you that seller funded down payment assistance is a great idea. If they had just allowed that over the last 12 months rather than shelling out gazillions of dollars for home buyer tax credits, we could have saved our children from having to repay more of our bad debt when they get older.

    Here’s another idea…..how about allowing those who foreclosed due to a lost job to purchase a new one after they have proven they have secured a new stable job with one year employment history? And then lets have have Fair Isaac lessen the impact of how much they penalize people’s FICO score who have had a foreclosure.

    There are so many ideas on how to stabilize our housing market without spending tax payer dollars it’s scary……but those in Washington love to spend our money.

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  4. Dean Hartman
    Dean Hartman Dice:

    Investors who buy cash flow positive properties may be the best answer. Yes, there is some risk; however, it also is the only option that may noy actually cost anything (and could be a PROFIT for the government).

    Would love jobs to stay here, but, that is not an immediate solution with immediate impact.

    Once we start looking massage FICO scores based on circumstance, I believe they lose there value (whici is empirical, impartial probability). That doesn’t mean that I don’t support going back to a time where underwriters can actually interpret causes of delinquencies and use their judgment….but, that is unlikely in this lending climate.

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