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Housing Tax Credit Was Expensive

The first time buyers credit might have helped sell a few homes in a down period, But, did it really help the economy in the long run, and did it really help those it was intended to help?

You can argue about the effectiveness of the $8,000 tax credit last year and whether it actually helped you sell homes. The point is that the IRS discloses now that the program cost all of us over one-half billion dollars in fraud. Why the IRS honored the fraudulent claims and paid out the money is unclear.

The IRS says that about one-third of a million dollars ($326 million) went to people who weren't first-time homebuyers.

The rest of the money went to people in prison (Florida lead the nation here), people under 18, and people who never bought a home.

When the government puts out a really nice carrot, there are people who just can't help taking a bite.

 

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For more information on my coaching and educational programs and services, visit my website stevehoffacker.com, or go to my other blog homesalesinsights.com for additional sales tips, insights, and commentary. Listen to my free podcast messages at Steve Hoffacker's Happenings.

Steve Hoffacker - Consultant, Coach, Author, Blogger, Photographer, Motivator, Teacher, & Strategist - for Realtors, Real Estate Sales Professionals, Home Builders, New Home Salespeople, Entrepreneurs, Small Business Owners, and Independent Sales Representatives.

© Steve Hoffacker, 2011. All Rights Reserved.

Comment balloon 3 commentsKevin Robinson • April 18 2011 07:43AM

Comments

This program was BROKEN from the beginning * RIPE with potential for FRAUD and very poor use of taxpayer funds.....MAKE JOBS!!!

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 6 years ago

Kevin,

Thank you for the reblog to share this message with your readers. :)

Steve

Posted by Steve Hoffacker, Certified Aging In Place Specialist-Instructor (Steve Hoffacker LLC) over 6 years ago

Wallace,

The federal government has conditioned us to think that every pitance they offer is a great thing - even when it costs us more than it seems to help. :)

Steve

Posted by Steve Hoffacker, Certified Aging In Place Specialist-Instructor (Steve Hoffacker LLC) over 6 years ago

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