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housing: 2010 New Home Sales Lowest in 47 Years. Opportunity? - 01/26/11 12:19 PM
Major newspapers ran the story today. Statistics gathered by the U. S. Commerce Department show sales of 321,000 new homes in 2010, down a whopping 14.4% from the 375,000 units sold in 2009. This is the 5th consecutive year of declines, since prices peaked in the boom year of 2005. The Wall Street Journal calls 2010, "the worst year on record for the battered building industry" (Zibel & Bates, WSJ 1/26/11), and states tht 600,000 units per year is considered to be a "healthy" rate of sales by most economists. These are sobering words, but what do they mean for each of us? The governent culls this … (2 comments)
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housing: Tax Stimulus Bill - More unforeseen consequences... - 02/27/09 09:33 AM
Did you know that people earning more than $250,000 per year may face a double whammy? They have been singled out to pay higher taxes to help with this economic recovery. In addition, and more troubling, there is a provision in the Bill that would limit the amount of mortgage interest that this group could deduct on their tax returns. This could have devastating consequences on real estate, just at the time so many are saying the revival of the housing market is key to the economic turnaround. House values would drop as people would think twice about trading up to a … (3 comments)
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housing: Finally! A catalyst to get this market going. - 02/07/09 07:46 AM
This past week, the United States Senate passed a bi-partisan amendment to the Economic Stimulus Bill, proposing up to a $15,000 tax credit to individuals who purchase a principal residence. This amendment would sunset the $7500 housing tax credit originally proposed. It would also extend the eligibility period from June 30, 2009 to within one year from the date of the Bill's passage.
The tax credit would be $15,000 or 10% of the purchase price, which ever is less. The tax credit would not have to be repaid. Tax payers could claim the credit on their 2008 tax return, providing … (2 comments)
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Millie Legenhausen, CRS, GRI, CIPS, MBA
Hamden,
CT
More about me…
Home & Hearth Realty, Hamden, Connecticut
Address: 1220 Whitney Avenue, Suite C-1, Hamden, CT , 06517
Office Phone: (203) 287-1886
Cell Phone: (203) 214-4447
Email Me
Local market commentary, general economy commentary, sharing of lessons learned from years of experience in changing real estate markets.
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