Comments on: California Home Buyer Tax Credit Signed in to Law

By: john k

john k — Mon, 04 May 2009 03:46:39 +0000

moronic laws like this are part of the reason that CA is going broke. what a load of poo-poo!!

By: PeoplesBanker (Deon Williams)

PeoplesBanker (Deon Williams) — Wed, 22 Apr 2009 01:43:41 +0000

This post was written a while ago by MORGAN, but its more free money for buyers in California! http://tinyurl.com/dl4t7z

By: Trevor

Trevor — Sun, 19 Apr 2009 03:56:39 +0000

Obviously, homebuilders have a larger supply of houses to sell than the individual seller. The homebuilders have been slashing prices to keep try and clear inventory and they can also offer great rates through their financing arms. Indivdual sellers have to price their homes less than new construction, so it is their best interest to clear the new inventory too. I think it is ridiculous that you guys think builders will see a $10K tax incentive (no less paid over 3 years) as the green light that they should build new homes in this buyers market.

By: James Graves

James Graves — Thu, 02 Apr 2009 23:43:14 +0000

I have a hard time believing that in our state legislature there wasn't a majority who could see that this tax incentive tied to the purchase of a new home is exactly the wrong thing to do. You don't have to look far to see who really prospers by this law. The builders. In the mean time what exactly is being done about the huge supply of pre-existing homes? The longer all of these homes stay on the market, they continue to lose value due to their deterioration. When they do eventually sell, the taxes generated from these homes will be considerably less than they generated. Additionally, these homes negatively impact the neighborhoods that they are in and bring down values which brings down taxes again. If anyone takes the time to really look at this they will see that this was not a well thought out bill.

By: morganb

morganb — Mon, 23 Feb 2009 00:30:15 +0000

I agree. This has to be one of the worst ideas possible.

By: Fielding Mellish

Fielding Mellish — Sun, 22 Feb 2009 23:46:45 +0000

Wow. Really really dumb.

By: Tobby

Tobby — Sun, 22 Feb 2009 16:33:07 +0000

$3,300 per year! What does the average Californian pay in state income tax? If they pay less than $3,300 do they get a check like the Federal program provides?

By: morganb

morganb — Sun, 22 Feb 2009 03:55:08 +0000

That part's unclear, but I suspect yes since it is just “new homes” in
general and not “new construction”. The ink is still drying on the budget
and so the FTB is going to analyze the bill language on Monday and begin to
make some rulings. I'm sure the home builders are pushing for it.

As for us needing it, you're right – we need it like a hole in the head!

By: Jay Thompson

Jay Thompson — Sun, 22 Feb 2009 03:44:34 +0000

I hope no one remotely connected to the State of Arizona government sees this. The LAST thing AZ needs (and I suspect CA as well) is an incentive for home builders to build new homes.

Do you know if existing spec homes going to be included in this?