Update on the "Stimulus" Bill
I know there will be some that view home buyer tax credit as a positive, but I view it as a major disappointment. Part of the recent “stimulus” bill President Obama just signed included a reduced tax credit for first-time home buyers. The amount of the tax credit is the lesser of 10% of the cost of the home or $8000 (Georgia Senator Isakson’s limit was $22,000). This will do zilch to stimulate Buckhead’s, and the surrounding areas like Sandy Springs’ and Dunwoody’s, housing market. There are some conditions:. - You must be a first-time home buyer - The...
Read MoreStimulation of housing?
Here is the latest information from NAR regarding the Economic Stimulus Bill and other legislation impacting real estate: “The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1.) has been reconciled by the House and Senate. The details of the legislation have not been finalized but we expect the legislation to include a number of important housing provisions, including the remedies for the housing crisis that NAR prescribed at the annual meeting in Orlando, Florida. Homebuyer Tax Credit – a $7500 tax credit that will be available for qualified...
Read MoreAverage Home Prices Up From November
IN THE NEWS (Steve Palm of Smart Numbers January 21, 2009): There were 3,431 closings for all single family in December. This is a decline of 20% from December 2007 and more than 3,000 less units from our all-time December record of 6,481 in 2005. For the year, we had 53,786 closings for all single family or a decline 0f 22.1%. However, when compared to the all-time yearly high of 81,071 closings in 2006 the decline is 33.7%. You would have to go back to 2001 to find less annual closings than we had in 2008. Single family attached closed 437 units in December. This was a decline of 35% from...
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