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A new First Time Home Buyer Tax Credit?

In what has to be considered one of the strangest moves in the efforts to provide incentives to first time home buyers in Temecula, Murrieta and other portions of Riverside and San Diego County, on Wednesday May 26, the noted Libertarian, Ron Paul of Texas introduced legislation to permanently extend the first time home buyer tax credit.

There’s an old saying about “what strange bedfellows politics makes” and this has to be a classic example. Mr Paul, a former Libertarian presidential candidate (maybe he still is, I’m not sure) has run on a platform opposing government intervention in just about everything and now he is advocating increased government involvement with the tax credit.

My guess is, if the housing market continues to show signs of weakness from the “post tax credit hangover” this measure will gain increasing support in Congress. You can also bet the National Association of Realtors will break out the big guns to push for passage quickly. Many markets across the country are beginning to show signs of weakness due to the hangover and there’s not enough menudo to go around. For those of you not in Southern California, menudo is a Latino home remedy for hangovers.

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