1. Of course they pay taxes. Many (though not all) pay no federal income tax, but they all pay taxes.
2. They won't get the full $1000 because of the way it's phased in at different income levels.
3. These types of credits - like the earned income tax credit - were conservative ideas because they were seen as better than welfare.
shetline - I like it. Democrats and Republicans spend equally. The only difference is that Democrats believe in paying for it.
When Clinton beat Bush in 1992, it wasn't as much on the sour economy as people remember. It was largely on the deficit (Perot got in and made that a big issue). Something similar could happen now. Even if the economy does better, if people link "economy" (in general terms) with "deficit and debt," Bush will be seen as bad for the economy. But it has to become something that people care about. Right now it doesn't seem to be on the radar, and of course the media won't say anything that could be interpreted as critical of Bush, so my hopes aren't high.
I couldn't have said it better myself. Also, don't forget that it's the GOP who has convinced middle-american that being critical of the current administration is fundamentally "un-American". Fascists!
And foreclosures are at record highs...means nothing when a house that should cost $250K is selling for $450K.
There is this little person called an appraiser during the loan process. They won't let you buy the house for more than it is really worth. Of course the markets can reverse a bit and people can be flipped 10-15k dollars for a couple years, that isn't the same as 200k.
Likewise when home ownership is at a record high and you have people lending to people with bad/semi-bad credit.
Quote:
In fact, the first-quarter increase in foreclosures was driven by the rise in foreclosed home loans owed by homeowners with blemished or ?subprime? credit histories, Mortgage Bankers Association chief economist Doug Duncan said in a conference call on its latest loan study.
In otherwords it is like complaining that SAT score remain stagnant when you go from having rich white kids take the test to every kid under the sun.
There is this little person called an appraiser during the loan process. They won't let you buy the house for more than it is really worth. Of course the markets can reverse a bit and people can be flipped 10-15k dollars for a couple years, that isn't the same as 200k.
Likewise when home ownership is at a record high and you have people lending to people with bad/semi-bad credit.
In otherwords it is like complaining that SAT score remain stagnant when you go from having rich white kids take the test to every kid under the sun.
Nick
OFF TOPIC:
So, please explain to me the phenomenon of runaway housing prices in California? I understand that supply/demand are driving the EXTRAORDINARY increases in housing. What I fundamentally disagree with is "the greater fool" mentality going on in real estate..."if you don't buy it for what I'm asking, the fool waiting in line behind you will. Besides, you'd be a fool not to buy this house...mortgage rates are at an all time low."
And my thinking is "who cares about the ****ing rates when I have to borrow half a million dollars just to buy a fixer upper?"
I recently had a lender willing to do "whatever it takes" to get the loan approved even though it was quite obvious that our combined household income could not sustain a $3500 mortgage. Not many first time home buyers can take on this burden. But, that doesn't stop the lenders from rolling out the cash to purchase these houses. So, what happens? Guys like me who have absolutely no choice (or get left behind) but to struggle and struggle to handle these exorbinant mortgages. We don't have bad credit and we're not classified as "sub-prime", it's just that we ONLY earn a middle-class income...and we may default on this mortgage. It's a sad sad situation we're in in this country.
I guess my point is that no-one can convince me that a 40 year old house with two bedrooms and one bath that needs plumbing and electrical work is worth almost half a million dollars when five years ago it was worth roughly half that amount.
Comments
Originally posted by trick fall
Republicans are more American. They like to run up the credit card debt.
Originally posted by trumptman
Hey have you seen interest rates lately? They are at record lows.
Nick
And foreclosures are at record highs...means nothing when a house that should cost $250K is selling for $450K.
Originally posted by BRussell
1. Of course they pay taxes. Many (though not all) pay no federal income tax, but they all pay taxes.
2. They won't get the full $1000 because of the way it's phased in at different income levels.
3. These types of credits - like the earned income tax credit - were conservative ideas because they were seen as better than welfare.
shetline - I like it. Democrats and Republicans spend equally. The only difference is that Democrats believe in paying for it.
When Clinton beat Bush in 1992, it wasn't as much on the sour economy as people remember. It was largely on the deficit (Perot got in and made that a big issue). Something similar could happen now. Even if the economy does better, if people link "economy" (in general terms) with "deficit and debt," Bush will be seen as bad for the economy. But it has to become something that people care about. Right now it doesn't seem to be on the radar, and of course the media won't say anything that could be interpreted as critical of Bush, so my hopes aren't high.
I couldn't have said it better myself. Also, don't forget that it's the GOP who has convinced middle-american that being critical of the current administration is fundamentally "un-American". Fascists!
Originally posted by audiopollution
And this coming from someone whose personal blog decries the cuts to veterans benefits ... strange.
Originally posted by Northgate
And foreclosures are at record highs...means nothing when a house that should cost $250K is selling for $450K.
There is this little person called an appraiser during the loan process. They won't let you buy the house for more than it is really worth. Of course the markets can reverse a bit and people can be flipped 10-15k dollars for a couple years, that isn't the same as 200k.
Likewise when home ownership is at a record high and you have people lending to people with bad/semi-bad credit.
In fact, the first-quarter increase in foreclosures was driven by the rise in foreclosed home loans owed by homeowners with blemished or ?subprime? credit histories, Mortgage Bankers Association chief economist Doug Duncan said in a conference call on its latest loan study.
In otherwords it is like complaining that SAT score remain stagnant when you go from having rich white kids take the test to every kid under the sun.
Nick
Originally posted by trumptman
There is this little person called an appraiser during the loan process. They won't let you buy the house for more than it is really worth. Of course the markets can reverse a bit and people can be flipped 10-15k dollars for a couple years, that isn't the same as 200k.
Likewise when home ownership is at a record high and you have people lending to people with bad/semi-bad credit.
In otherwords it is like complaining that SAT score remain stagnant when you go from having rich white kids take the test to every kid under the sun.
Nick
OFF TOPIC:
So, please explain to me the phenomenon of runaway housing prices in California? I understand that supply/demand are driving the EXTRAORDINARY increases in housing. What I fundamentally disagree with is "the greater fool" mentality going on in real estate..."if you don't buy it for what I'm asking, the fool waiting in line behind you will. Besides, you'd be a fool not to buy this house...mortgage rates are at an all time low."
And my thinking is "who cares about the ****ing rates when I have to borrow half a million dollars just to buy a fixer upper?"
I recently had a lender willing to do "whatever it takes" to get the loan approved even though it was quite obvious that our combined household income could not sustain a $3500 mortgage. Not many first time home buyers can take on this burden. But, that doesn't stop the lenders from rolling out the cash to purchase these houses. So, what happens? Guys like me who have absolutely no choice (or get left behind) but to struggle and struggle to handle these exorbinant mortgages. We don't have bad credit and we're not classified as "sub-prime", it's just that we ONLY earn a middle-class income...and we may default on this mortgage. It's a sad sad situation we're in in this country.
I guess my point is that no-one can convince me that a 40 year old house with two bedrooms and one bath that needs plumbing and electrical work is worth almost half a million dollars when five years ago it was worth roughly half that amount.