Today the U.S. House of Representatives passed the Stimulus Bill. It now moves to the Senate, where a vote is expected around 7:00pm Eastern time tonight. Update: The Senate passed the Stimulus bill at 10:45pm (EST) on a 60 – 38 vote.
You can read the full text of the stimulus bill here and here (it’s split into two parts due to file size).
Do that, and you’ll be way ahead of the people that voted on it. It was released at 10:45pm last night and passed on a 246 – 183 vote about 14 hours later.
If digesting 1,091 pages of legislation isn’t your idea of fun, you can read the Joint Explanatory Statement of the Committee of Conference that boils down the nuts and bolts of the bill. It’s also in two parts and only totals 421 pages. (Part 1. Part 2)
I’ll post my analysis of the real estate related portions of the bill sometime over the weekend. I prefer to read it before I comment on it…
In the mean time, here’s a couple of short videos that capture my thoughts on the fact that we’re passing expansive and expensive legislation that no one has read.
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They kicked housing to the curb… the ONE thing that could get this economy back on its feet fast.
Guess they’ll be buying a lot more pork belly’s again with this (the second round of almost $1 trillion).
**Matt´s last blog post..Paradise Valley Sales Report – January 2009
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Jay – I must agree with the sentiment – i think this stimulus package is awful, and that’s with me getting $8,000 for the home we just purchased (we got our keys today) AND another $800 just because I work. I feel like this was rammed down people’s throats – “vote for this or we’re doomed.” Why not “slow down” and get it right – it amazes me how much “pork” is in this bill. I have done a lot of the reading – especially as it relates to individuals – and it just seems like bad ideas.
It probably will inspire those who have not purchased homes to seriously consider purchasing one – especially those who have waited, saved their pennies, and were waiting for the “market to hit bottom.” Although the housing market could (and might) get worse, having an $8000 free check is a big incentive to purchase your first home. For us, it means $5,000 dual paned windows installed AND a $3000 bathroom renovation, converting the tub to a shower. I am pretty sure reading the stimulus package, i’ll then be able to turn around and get ANOTHER $1500 for the dual paned windows (as long as they meet the requirements of the bill) so this bills helps me. Of course, I have been responsible – I am not in debt, have been living according our means, and have saved up money for the downpayment, getting only enough house that we could afford (basically paying the same in mortgage as we are in rent). so the package helps me – but only because i benefit. I still think it’s a bad idea
Tyler –
First, CONGRATS on getting your home! You did it right — saved, didn’t buy more home than you can afford, etc. If more people in the recent past has exercised your level of responsibility, the housing market wouldn’t be in the shape it’s in.
Second, thanks for all your *great* contributions to this blog over the past week/ It is truly appreciated! I hope you’ll pop back in from time to time.
Wishing you all the best in your new home with your shiny new windows!
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Jay – thanks – it was actually quite educational – now its on to figuring out how to do a move (and not get taken by smarmy moving companies) make the repairs we need to, and get adjusted to home ownership!!!
I’ll keep checking in from time to time…promise!!!
I just read about 300 pages of this bill and am extremely unimpressed. I think we are taking the country in the wrong direction but like a friend of mine said this bill is likely a pay back to the contributors to the Democratic campaigns. At any rate I think alot more of these funds should have been spent on infrastructure projects. If we really want to be back on top in this country and we want to reduce the pain many will experience this is not the bill to do it. Just my two cents take it or leave it.
**James Wheelock´s last blog post..Atascocita Meadows
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Here’s the joint explanation about the first-time homebuyer credit. It looks like you can claim it on your 2008 taxes for 2009 purchases.
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The conference agreement extends the existing homebuyer credit for qualifying home purchases before December 1,2009. In addition, it increases the maximum credit amount to $8,000 ($4,000 for a married individual filing separately) and waives the recapture of the credit for qualifying home purchases afier December 31, 2008 and before December I, 2009. This waiver of recapture applies without regard to whether the taxpayer elects to treat the purchase in
2009 as occurring on December 31,2008. If the taxpayer disposes of the home or the home otherwise ceases to be the principal residence of the taxpayer within 36 months from the date of purchase, the present law rules for recapture of the credit will apply.
The conference agreement modifies the coordination with the first-time homebuyer credit for residents of the District of Columbia under section 1400C. No credit under section 1400C shall be allowed to any taxpayer with respect to the purchase of a residence during 2009 if a credit under section 36 is allowable to such taxpayer (or the taxpayer’s spouse) with respect to such purchase. Taxpayers thus qualify for the more generous national first-time homebuyer credit rather than the D.C. homebuyer credit for qualifying purchases in 2009. No credit under section 36 is allowed for a taxpayer who claimed the D.C. homebuyer credit in any prior taxable year.
The conference agreement removes the prohibition on claiming the credit if the residence is financed by the proceeds of a mortgage revenue bond, a qualified mortgage issue the interest on which is exempt from tax under section 103.
Effective date.-The provision applies to residences purchased after December 31,2008.
Here is a detail of the terms for the 2009 First Time Home Buyer Tax Credit of $8K. It is important to note that it is not retroactive to 2008 version and does not modify the original terms for the $7,500. tax credit. While the 2008 $7,500. tax credit still remains repayable, the new 2009 version is not! Big difference. It also expires on Dec. 31, 2009.
http://tinyurl.com/dmuwlm
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Stimulus sucks
Ok America from what I can see and everything I read the new stimulus package doesn’t do a fucking thing for the American people what the fuck is an extra 13 dollars a week on your paycheck gonna do if youre already making a hell of a lot less money than you made last year I know I made 25000 dollars less this yr than I made last year so you tell me what the fuck good is 13 dollars oh they raised unemployment well how the fuck is that going to help the ones whos boss keeps them working just enough to not collect unemployment yea sure youre working but you are making probably less then the people on unemployment casue they don’t have to buy gas to goto work oh and if you are a first time home buyer you get something well what about those of us who have homes and cant barely afford to keep them what are they doing for us nothing so you see this package is just a bull shit front for people in Washington to look out for theselves well I say fuck them all if you want to make a stand then you need to do something about it America I say lets bring these cocksuckers in Washington to their knees where all cock suckers belong the American people need to boycott banks and quit paying their mortgages the only way this will work is everyone sticks together and doesn’t pay their mortgage payment I bet if we didn’t pay the payments for just one month it could bring these cock suckers in washintgton and the banks to there knees begging us to shoot them I wouldn’t piss on one of them sons a bitches if they were on fire and begging for it
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j – I understand the frustration, but let’s watch the language. My kids read this blog sometimes….
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An $8,000 tax credit for buying a home, a deduction for nearly the entire house payment (interest), and no taxes on primary residence capital gains after 2 years – and some have the audacity to say we’re kicking housing to the curb. Talk about the audacity of dopes. Is there any other industry so heavily subsidised by federal tax policy? I wish my business had those advantages. These rules amount to renters subsidising homeowners. Tax the poor and give to the more affluent. And some folks are still complaining that it’s not enough. I wonder how many sub-prime mortgages these horriblizing realtors used to beef up their commissions over the years (at taxpayer expense)? The helping hand that these ungrateful slobs need is at the end of their own arm.
The $789 billion stimulus package may have limited impact on the Real Estate industry. While the bill could increase home buying, it doesn’t do nearly enough to jump-start building or stem the foreclosures that are driving down prices, many real estate observers say.
Regards, Shane, Guy into real estate in panama
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$787 billion is a gigantic amount, hope this stimulus project is not corruption related, many tax payers are having a hard time to earn that, at this economic crisis every single money counts.
I think the stimulus package is not the perfect answer but it was the best option available. The problem with real estate and foreclosure is due to the lack of government oversight that did not regulate the banking system nor the witting of bad mortgages that were picked up by Fannie Mae and Freddie Mac. There is no quick solution to the mess we are in. It will be painful at first, but we will pull through. The stimulus package was a necessary step to prevent a domino effect in the country. My $0.0.2
I think the stimulus package is not the perfect answer but it was the best option available. The problem with real estate and foreclosure is due to the lack of government oversight that did not regulate the banking system nor the witting of bad mortgages that were picked up by Fannie Mae and Freddie Mac. There is no quick solution to the mess we are in. It will be painful at first, but we will pull through. The stimulus package was a necessary step to prevent a domino effect in the country. My $0.0.2
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