According to the Wall Street Journal this morning the First Time Home Buyers Credit is alive and kicking again. The provisions will extend the credit until July 1, 2010, with an additional credit becoming available to current home owners who have lived in their residence for 5 years consecutively, of the past 8.
Of course there are also income limitations to the bill: $125,000 for singles, and $250,000 for couples.
But it's not a wrapped up deal quite yet.
There could be too many reports of abuse (the IRS is currently investigating), and it seems that the actual cost per Buyer is ENORMOUS, compared to the end result. One figure I've head is that it costs roughly $46,000 per Buyer who receives the $8000. That's a pretty big black hole.
So is it worth it? Do people appreciate the credit? Are the right folks using it? And does the credit perpetuate the problem that got us in this mess in the beginning? i.e. those who cannot really afford it are offered a way to get into trouble via "free money". What are your thoughts?