US gov't unviels reduced price housing plan (Project: Scorched Homeland)

...the package offers huge tax breaks for homebuilders, a $7,000 tax credit to those buying foreclosed properties, and $4 billion in grants for communities to buy and fix up abandoned homes.

www.transworldnews.com...

I can't help but wonder if this is the beginning of a Top Secret brahmin controlled government plan (Project: scorched homeland) to reduce supply by buying back a million homes and then burn them to the ground.

The federal reserve must be reducing Israels property values on purpose so that people can afford to pay higher taxes and higher interest rates to foriegn investors of American debt.

The american elites will be able to use thier foriegn ownership in Dubai real estate as a tax dodge to purchase US treasury bills with a higher rate of return while Joe taxpayer pays for thier caviar and diamond tennis bracelets.

[edit on 12-4-2008 by In nothing we trust]

Very misleading thread title.

Its a small credit. Its not free housing. There is a BIG difference.

This is needlessly sensationalist.

Originally posted by Reality Hurts
Very misleading thread title.

Its a small credit. Its not free housing. There is a BIG difference.

This is needlessly sensationalist.

Title modified to be more accurate.

I really do not think this is fair.

People who bought what they could not afford, now get bailed out, while the taxpayer pays for it.

Those who did it the correct way, bought what we COULD afford, and saved, are just flipping the bill . I don't get it. Im not saying all people who lost their homes that is the case either, but for the most part.

One more thought, you can not buy a house that is forclosed with FHA because they are "as is" houses. We just bought our home through FHA , so I know that.

So at least with using FHA , you still can not buy a forclosed home and get the 7,000 credit.

Originally posted by amatrine
One more thought, you can not buy a house that is forclosed with FHA because they are "as is" houses.

So at least with using FHA , you still can not buy a forclosed home and get the 7,000 credit.

The $7,000 credit is for corporations to buy housing and lease them back to consumers at a profit.

If values continue to decline they will be able to write if off over a five year period as a depreaciating asset while they pocket the money from lease payments.

After five years the house will be worthless and they can burn it down and write it off as a complete tax loss.

[edit on 12-4-2008 by In nothing we trust]