I think this is a great way to stimulate the housing market. Sorry for the people that bought last year, but its no different than missing any other big sale. By offering it to 1st Time homebuyers, they are getting existing homes for sale off the market without adding new ones to the MLS. If you really don't want people to waste their money, get your viewers some info on the new HVCC policies handed down by Gov. Cuomo. We finally have a market where interest rates are decent and home values are starting to come back up. With the new HVCC rules and regulations, home owners and prospective homebuyers have fallen prey to the lenders appraiser list, enabling them to submit inferior appraisals, many coming in way below Fair Market Value, and the price of these inferior appraisals are inflated as well. Causing nothing but headaches for the consumer, the realtors and especially the loan officer, trying to get these purchases and refi's approved. The housing market is the key to stimulating this economy. If we don't keep rates low, and keep people buying, nothing will get fixed. The banks are losing nothing by keeping a 5% interest rate.

Free government money? The government does not have money to give. Taxpayers money, my money that I earned, is what they are giving away. Anyone knows nothing is free. Oops not John. This type of thinking that makes people believe money from the government is free is such a lie.

Remember for all you new home owners - Learn from the other idiots who got us into this mess. 8000 or not - DONT BUY A HOUSE YOU CANT AFFORD!

So what if someone bought a house in january 2009 and already claimed the $7500 on this years tax return? Are they going to get the $8000 also?

Thanks lucerne. I figured as much. $8000 isn't worth the headaches anyway. Personally I think this money would be better spent buying up all these foreclosed homes in inner city areas (for much less than $8000 a pop) and bulldozing the houses to reduce the supply.

On the comment about buying from your wife. You may want to check further in the restrictions of the credit. If you live in Ohio or Kentucky, they are both dower states and by marriage you have a vested interest in the property. For this reason, you need to look further. Also, the closing costs, and lender fees if you need a loan, will really add up fast and most likely take at least the bulk of the $8000.00.

Here we go again!! Offer "free" money for people who may not qualify for a home. I have bad news for those of you who think this is a really "Good Deal". The money for all the goverment programs will cost the working American more in taxes. So when Obama presses the American public to spend goverment money, remember that it has to come from somewhere. And if you have a job that means you will bring home less each year to pay for your new neighbors house.

I think at least part of that $8000 credit should have to be used for upgrades to the new home i.e new windows, update plumbing, landscaping. That way everyone will benefit and we can get some real money flowing into the economy.

Amen to that STEVEDAVE1!!! I'm real sorry for those who won't be able to partake in this. Its a real difficult pill to swallow when you hear that those who acted real irresponsibly will be "bailed out". It truly is unfair. I know for myself, all of this irresponsibility has been (unfairly I suppose) favorable for me. Home prices are down and interest rates are great, the tax credit, all makes it a really good time for me to become a first-time homebuyer. (I hope I qualify for the tax credit, because I thought I saw that there was an income limit.)

Skeptic - why would you buy that house from your wife and go through hassel of closing, the fees, and interest on financed money for mere $8,000?