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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (263628)	12/6/2005 10:24:21 PM
From: bentway	Read Replies (1) \| Respond to of 1572719

You have to live in the house for TWO years! How does THAT breed a mania?

To: Jim McMannis who wrote (263628)	12/7/2005 4:24:05 PM
From: tejek	Respond to of 1572719

RE:"When Clinton passed the law, it was intended for middle class people that had owned their homes for a long time, had a lot of built up equity, and might need the money to retire or to pay for medical emergencies. There wasn't any RE bubble. Interest rates were 8% and up. It was a tax break for ordinary people! What a concept!" The concept was...the NAR lobby. Anyone with half a brain knows what a major tax cut like that does to prices. There was already a one time 100k exemption for those over 55 years of age. Which in fact fit the criteria you mentioned much more closely. Then what accounted for the housing booms in certain urban markets in the late 1980s? And why have only a small percentage of the housing marketsin this country boomed since enactment of Clinton's significantly enabling tax cut on capital gains?