President Biden wants to give homebuyers a $10,000 tax credit. Here's who would qualify.

Cbsnews ^ | 03/08/2024 | Aimee Picchi

[ChicagoConservative27]

Buying a home has become increasingly out of reach for Americans, who are grappling with a double whammy of high interest rates and surging home values. In his State of the Union address on Thursday, President Joe Biden proposed a new tax credit that would provide $10,000 to first-time home buyers.

Biden is also proposing a separate $10,000 tax credit for current homeowners who sell their "starter home" in order to jump into a bigger house. That could help melt a real estate market in which homeowners who locked in low mortgage rates during the pandemic and are hesitant to move because they now face significantly higher mortgage rates.

[Cobra64]

Buying more votes.

[11th_VA]

So give up your 3% loan and take a 7% loan for 10K ? Most people won’t go for
That

[Captain Peter Blood]

They have done this before, maybe 15 yeas ago. The credit in reality should be about $25,000 given the cost of homes right now. I am sure the Realtor Assoc. will be in full favor of this.

[ronnie raygun]

like the student loan scam this is for people of color only

[sauropod]

.

[Vaduz]

Indeed but the replacements do.

[PIF]

Wet backs only. No US citizen need apply

[Elsie]

  

[Elsie]

I just helped folks not HAVE to look it up.

[Elsie]

Think of it as the cost to rid ourselves of turbulent tweets.

[Elsie]

I worked for the Navy department for 29 years, and had to look it up.

(Red Lobster helped some)

[Elsie]

Oh, more - MUCH Mmore than that! There has to be these behind the scene folks who handle all the paperwork involved here, and the building(s) they work in, and the utilities they require, and...

[Elsie]

Sure they will!

Most are just like dogs with a bone in their mouth, seeing their reflection in the water.