Yowell, who served in Afghanistan and at Guantanamo Bay as part of the Virginia Army National Guard, said the tax credit, an attractive mortgage package from the U.S. Department of Veterans’ Affairs and a secure job with UPS all combined to make this year the time right to buy his first home.
Yowell received his $8,000 tax credit check two weeks ago, having submitted an addendum to this year’s tax filing.
The "credit" is worth 10% of the value of the property (however value is determined), up to $8000. I would like to think a veteran of the Army, working full-time at UPS, would be able to purchase a house without any help from the taxpayer. The story mentions the "attractive" loan policy of the VA. As a former employee of UPS, I know for a fact the pay and benefits one receives there are quite good, even if non-management personnel must join the Teamster's union.
This is an illustration of the undesirable effect of government meddling in the housing market. I don't think I need to rehash the whole Fannie Mae/Freddie Mac thing, but the market is over-inflated as a result. Propping up a stagnant housing market by using taxpayer dollars to keep prices from naturally falling is POOR POLICY.
Former city councilman Rob Schilling, the conservative pariah of Charlottesville, had this to say last week about Perrello's meeting with the Charlottesville Area Association of Realtors:
Maybe it’s nothing new that a United States Congressman would stoop to this level of intimidation. But local, non-partisan Associations like CAAR, should not be asked to do Congressman Perriello’s self-promotional “dirty work” for him. Such organizations can hardly say “no” to a request from their Federal representatives, since these groups rely on their relationships with Congressmen and Senators to protect and promote their own business interests.
“Pandering Tom’s” attempt to purchase patronage in advance using OUR money and OUR gullible (but possibly well-meaning) neighbors is an outrageous and blatant abuse of his office, but sadly, it is what we have come to expect from our freshman Congressman.
“When the people find they can vote themselves money, that will herald the end of the republic.”
You were right, Ben. Apparently, that time has come.
Thanks for the extra nail in America’s coffin, Tom, it’s just what we needed.