Century 21 CEO Pushes Tax Credit

" I leading to Latin new fears about a double dip recession and so all the builders and -- barbaric. Pushing the government lobbying the government to keep. This housing market moving the little movement that it is doing one -- that century 21 and its parent company have been pushing it some larger fifteen K home buyer tax credit that would be available to all of us buyers. Not just first timers. Tom -- is as CEO of century 21 real estate and joins us now are happy hour he made of -- you just look at doing. I -- headed down I. I went down okay and cut him off yeah -- yeah. I don't know I thought was water -- still welcome to happy hour but I can probably tell tell us about this 15000 dollar tax credit that you think it's a good idea."

" Well yeah it's really interesting we saw the 8000 dollar tax credit for first time homebuyers and we did see a spike up in the marketplace because that. So we're going to we're gone back the congress and the Senate asking him to take off the first time buyer term. Modify that program open it up to any buyer who buys there IE you know primary residence. Increase of up to 15000 take the income requirement off let let's open up because of the issues this. That the market works you sell your home somebody buys it you go buy another one that person buys them so we've got to get that. Read you know that the move up buyer moving forward so that we can see the marketplace started to work the way that it normally does talk."

" On the marketplace who works which normally does when there's not welfare tax tricks for new home -- the problem is someone's on the other side of that welfare. That means the winter in the hard working saver. Is the one who has to subsidize that 15000 dollar for anybody rich enough or stupid enough to risk their own capital. On a home why should I is a renter and savor have to subsidize yet more of the -- button it. Actually about -- is -- National Association of Realtors says that for every homes sold the main price of sixty. 3000 dollars -- the economic impact that happens and that marketplace. The more home some of the Hillary that you take my money and that's good for me that's exactly right. Address this you know as long as you know whatever 787. Billion dollars in stimulus and all -- other programs. There aren't appropriate so that that money's going to be spent just wrong but it. -- starting the spark from the home test a couple of supports what it's already out sorry sorry our place of its thirty. And Taylor has got to look at any of the other turn downs we've had in the past real estate has always been that this segment has all the south end and -- the economy start to move. And that's the source of the recent flooding prices fall to a point where those of us who have been renting and saving could actually a of Ford you're there all -- Larry you're lucky not to have to worry about 15000 or so birds yeah. You -- the marketplace right now appeared here and it that's exactly where at any. -- the issue is most people sit back and listen to all the news is taking place on a national level myself my god I've ever not take it. A move on now but the issue of real estate is this not about. The national markets about EU. In your local market with your assets and what you can do in this kind of marketplace dividend policies but not the market itself I -- I want I want -- truly. Walk me through how it's beneficial for me. To subsidize homeowners at 15000 dollars a pop would I have not I -- I I think the issue is is that we've always seen the real estate is told us economy up every time that SARS among. Want to cure some arrests and ideals that we have in this country let's get the real estate marketplace moving again. If you do that then all the other investments you have are going to start the Paulson blew a -- right. It's historically we've seen it happen every single time we've been in this kind of situation."

" how receptive. Has congressman you you're dealing with certain and politicians and are they receptive to it. You know how quickly put something like this be asked and are they really sticking to the first time home buyer because it's. Small group of people and people are just starting to go out look. Look for a new home you know they're younger they might not be making as much money they may not have the credit that's only going to get the market moving."

" Well but but the issue is if you don't have. That fired the move up buyers taking place is going to stagnant anyway in the and the fact of the matter is there's mortgage money out there. And everybody looks at the rates another great today I think was about five and a half percent. That goes on my gosh it's it's really gone up. Let's let's go back and take a look at what what rates are really that's comparable ahead. -- but it has that how how many times did you ever seen rates you know in the force right so I'd love to see rates won't let Al Leiter in the future I should not be buying real estate because realist. Interest rates are going to 10% where they historically don't normally. And then I'm going to do -- anyway. I don't want that said I want to let you know all the for people like you use the term. To get out and buy a home. Prices are down the other side of that prize like to see them down further there still -- here that -- when I moved here but here's here's the issue. You can watch like you can -- five. You can watch the price fall you can watch the price fall if you're not watching the cup -- capital on the other side. Whatever savings you have on the fall of the price you may get eaten up and as the as the mortgage interest rates are to -- soul. I like I said. What you need to do is find a professional sit down -- them look at your situation. In the marketplace to make the determination is now that kind of buy it or not. And -- that and I think that when you look at the inventory that's out there. The and then pass the capital's got a class yet you're going to be able to basically go and get any of property you're looking to own guns they give so much for joining us thank you."