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That's a new -- your time is running -- -- Mon November 30 the last day will be eligible for -- granted tax credits when you buy new house.
But just like cash for clunkers this deal could get extended to -- to -- Mortgage Bankers Association -- not only.
Should this be extended it should be expanded to.
Well it's spurred 350000.
Purchases already -- and we estimate that it -- expanded from 8000.
To -- 151000 dollar tax credit for every one.
This is not a white black Hispanic problem it's not a low middle high income problem it's an American problem so -- expanded to 151000 dollars.
And our chief economist Jay -- financial -- on another for 809 outlines and -- for anybody that anybody else not just first time home buyers for anybody that's an American problem whatsoever -- a participant.
Tom do you were killed it dead people sort of get that the holidays sales.
Sticker type mentality it's a problem in response -- there's -- -- less than in this case the government has given me a lot of money to help -- -- a home.
I'm not going to do it.
Well here's how we look at it right now we've got an affordability index that has never been better.
This program has helped to stabilize home prices across the country was still -- off the recovery that we have right now let's keep it going.
This may keep some.
Out of foreclosure it may take a -- off the market that's going into foreclosure is already there so the government's gonna spend this money anyway let's do -- in a proactive way.
And here's a great statistic -- Everybody who buys a house spin somewhere between 7404000.
Dollars out of their own pocket after investment in closing -- the level.
That's money -- -- at Lowe's Home Depot buying appliances or something to fix that house up that's real money back into the economy to helps.
We're going on -- -- on the certain you know you get free money.
They're gonna take it but there are a lot of folks are ready and Holmes who lurk there bought off to get the money to get in those homes and are going to be looking at -- -- and I tell you -- they're going to be saying.
This thing right I'm subsidizing.
This guy getting into a house.
That I busted hump to get and and it's it's not fair it's not right what he's.
Well let's go back to the point that I made -- the government is gonna spend this money on people who are going into foreclosure anyway.
So let's take some of the property off let's look at that person who said you know I did spend my own money on it but I've got two houses down the street that are sitting there empty.
The taxes aren't being paid my taxes may go up in my local municipality because of that the grass -- being cut.
You haven't got much worse gonna get -- -- been tested and are you assuming that.
The foreclosure crisis explodes without president there's an argument he said it well you know even before these credits came along we were seeing some percolating.
So let the market in the economy and and -- economic cycles do their thing.
Before the government starts coming in and hand people checks for down payments on their homes.
Well we don't want to come off the recovery that we see our industry leaves this country out of recession each time.
This time we're asking for an extension.
You know we're doing an artificially.
And fans' favorite -- and known they don't give you speak remembers very well.
And you speak for the housing industry -- well.
I'm just saying there -- a lot of folks a look at that and like cash for clunkers once the -- goes away for the clunkers sort of the sales and people just stand back and wait for broadcast on more.
More cash for clunkers those things and and on and on we -- this is adult video sales as I know -- industry is more sacred than all the others on this -- that it's not.
And we set a dangerous bar when the government -- to.
Since it's helpful I -- period.
Well you -- you have the interest deduction where people are being -- they get to deduct that lets put more people in the homes right now.
Let's go back and look at that money that I said that is going to be spent by everybody who buys a house that's not money coming from the government that's coming out of those -- Tell their own pockets going straight to Home Depot -- straight to -- to improve the house they're buying.
So there's an additional benefit here we believe I was not -- as a -- but I'm just saying it's propped up by artificial means and real tax.
Well the less than that in a positive way -- get the government's gonna spend as -- closure with help people stay out of foreclosure.
And get these houses unity government as a -- he's right here in the state of Pennsylvania where right now.
Governor Rendell many states -- are facing -- -- shortage.
They're doing that because people here are not paying their tactics let's get people in those homes paying taxes again property taxes and keeping their homes up.
Are raising values -- these Internet -- well and if you respectfully disagree very good at it thank you very well but thank you for having -- great to be here.
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