Barbara Mikulski said "Here is the question: There are two houses for sale. One is a foreclosed property and one is a regular homeowner ready to sell. The question I get from non-profits and people is: Is the tax credit going to depress by $7,000 the house that is not in foreclosure? In other words, that it acts as a damper on price, and if you are in good standing, you have a good mortgage but you are ready to sell for whatever reasons, you are putting your house on the market, and next to you is a foreclosed house and that is going to get a $7,000 tax break, they are saying: I am going to have to eat $7,000 to sell my house. Can the Senator answer that question for me and for all who I think are puzzled about the possible unintended consequences of this tax break?" @ PoliticalQuotes.com

On the recordApril 8, 2008

Here is the question: There are two houses for sale. One is a foreclosed property and one is a regular homeowner ready to sell. The question I get from non-profits and people is: Is the tax credit going to depress by $7,000 the house that is not in foreclosure? In other words, that it acts as a damper on price, and if you are in good standing, you have a good mortgage but you are ready to sell for whatever reasons, you are putting your house on the market, and next to you is a foreclosed house and that is going to get a $7,000 tax break, they are saying: I am going to have to eat $7,000 to sell my house. Can the Senator answer that question for me and for all who I think are puzzled about the possible unintended consequences of this tax break?

Said by

Barbara Mikulski

Democratic · Maryland

Source

govinfo.gov

Editor's note · Context

Addressing concerns about the impact of a tax credit on home prices during a discussion on housing policy.

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