January 26th: Senator John Ensign (R-NV) and I [Benjamin L. Cardin (D-MD)] are urging our colleagues to act quickly to pass a new $20,000 refundable tax credit for first-time homebuyers to help jumpstart our nation’s ailing housing market. I, a member of the Budget Committee, and Senator Ensign, a member of the Finance Committee, are working closely this week with our colleagues to consider this bill as part of the American Recovery and Reinvestment Act of 2009 or as a stand-alone measure (S. 312).
Many potential first-time homebuyers, like myself, have been sitting on the sidelines as the housing market continues to crumble along with the economy. It is a very difficult decision for the younger generation of Americans (who already are deep in debt) to expose themselves to such a volatile marketplace. Even with the current $7,500 tax credit available, the housing inventory is increasing and their values continue to plummet.
There is hope for all of us. This would truly change my mind (and life) if a $20,000 tax credit would be involved in the proposed stimulus. Let’s get this bipartisan vote and make it happen. This would be a immense first step for the new administration and President Obama.
Are you standing on the sidelines as a perspective buyer? Would this new proposed deal ‘woo’ you?