Housing Market

The housing market is something that we have all feared, whether it is today or further on down the road. With the economy’s recession, this makes house buying a struggle for most families. Recently Congress had passed a bill that allowed a credit of $8,000 for first-time home buyers who earn up to $75,000 individually or $150,000 filing jointly. There have been several situations where people have either found ways to receive the credit even if they didn’t need it. This puts the housing market tax credit to be a wasteful idea if the people who don’t need it are using it. I think they should have looked at this bill a little bit closer before they had passed it. Either they should have worded it different or maybe not even passed the bill at all. I know that everyone sees dollar signs when they say stimulus but it is a lot of hassle to deal with in-order to get that tax-credit. About 80% to 90% didn’t even use the tax credit when buying a home. The way I see it is, we all need a roof over our heads and we will do whatever it takes to make it happen. Does a single tax credit bill stop us from buying homes? The answer is no. We will continue buying homes even without the bill. I think the reason the housing market is where it is now is that everyone is scared to jump into a home not knowing if they are going to get laid off. I feel that the government should focus on spending money for stimulating jobs rather than the housing market. If they focus on jobs first the housing market will turn around, less and less foreclosed houses will be out there.