The Spectacle Blog

Homebuyer Tax Credit Was a Swindle

By on 11.8.11 | 9:43AM

Brett Arends at MarketWatch makes a great catch: if you participated in the Obama homebuyer tax credit program, you have likely now lost more in the value of the house than the $8,000 the credit was worth. Basically, the credit was a $26 billion swindle perpetrated on people looking to buy houses. It lined the pockets of real estate agents and lawyers, while doing nothing for the housing market, hurting individual buyers, and widening the deficit. 

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