The U.S. House has inadvertently created two types of first-time home buyers: Bush-buyers and Obama-buyers. First-time buyers from Bush’s final year as president are offered a $7,500 loan that is disguised as a tax credit, but nevertheless must be repaid as a result of the Housing and Economic Recovery Act of 2008.
Obama’s first-time buyers in 2009 are offered an $8,000 tax credit that does not have to be repaid, so long as the American Recovery and Reinvestment Act of 2009 continues forward in its current form.
Besides the party residing in the White House, what other differences exist between those who bought a home last year and those who buy a home this year?
A subtle reminder of partisan differences? Change? Hope?
Andrew Mienaltowski
‘01 graduate in psychology,
assistant professor of psychology Western Kentucky University
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