San Diego Housing Bubble News and Analysis

Thanks for the info. Not too bad. BUT, I don't see the irs trying to keep up with that shit.

They wont have to, it is a simple programming issue, just like those of you who got a stimulus check, that will be deducted from your refund next year. More fine print, there was no free money, it was an interest free loan. They tried to trick you into pissing away the money, not telling people it was their own money to begin with. They know who got a check and who didn't. The worst part is they jerk around those who will feel it most, those who were ineligible for a check because of high incomes never get any of the credits anyway so we dont budget for it, the rest will see a lower refund or a higher bill come March, but that is on someone else's watch so who cares right.

Here's the fine print that knocked me out of the running for the free loan:
(g) Application of Section- This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before April 1, 2009.'.
Any ideas how they came up with these dates?

This provision, and several others that Piggs are calling attention to, have the effect of limiting the real applicability of the "bailout", and thus lowering its immediate cost to the government. These provisions also show little real good will accrue to the FBs. Several observations:
1. Us critics have had the salutory effect of watering down the impact of the bill until it is practically toothless.
2. Home prices will continue their downward correction.
3. Politicos, and the vast army of supporters of the bailout, will be able to claim they did their best to help FBs.
Notice how each provision of the bill is amenable to sound bites and slogans. Yet, as the Piggs have pointed out, they are so loaded with exceptions, long run costs, and limitations that the impact of the bill will be nil.
4. Since little of substance has happened to arrest the fall of real estate, the GSEs, now formally backed by taxpayers, will cost us dearly over time.

I feel foolish, but I've never heard this before about the stimulus check! (Not that we've spent the check, but I'd be bummed if it's not "real" money.)

This Wikipedia article claims that it doesn't need to be repaid in future taxes:
http://en.wikipedia.org/wiki/Economic_St...
according to reference 8, which is the IRS website, but when I go to that website, I don't see anything about repayment or not.

feraina- in 2003 they gave out the checks but only for people with kids, then the following year when you did your taxes, the child tax credit (not to be confused with the deduction per dependent) was not available that year as it had been in prior years. When this stimulus was anounced it was written that it would follow the same format. However, numerous media outlets reported that this stimulus will not reduce your refund next year so it may amount to free money. I read a few pages of the bill and it still uses the phrase "Advance refund or advanced credit" leading other analysts to determine the IRS will not give you the normal credit come tax time if you got the advanced credit. I didn't look much further because it doesn't pertain to me, I didn't get one and my income precludes me from getting the credit or the advance credit. If I keep reading I'll just get more pissed off because the whole concept of an income limit that is not regionally adjusted irritates me.

(g) Application of Section- This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before April 1, 2009.'.
Any ideas how they came up with these dates?

One of them is April Fool's Day.

The 7500 interest-free loan is a non-factor in high-cost states like California. Now, in Michigan and Ohio it could impact the low-end significantly. That is equivalent to 5% of your house in some of these places. Think of it as a small interest-free piggyback 2nd. It might nudge a few more people to buy at the low end in low-cost states.