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housing tax credit: Hopes Dim For Another Homebuyer Tax Credit - 09/02/10 08:01 PM
An article in the SF Chronicle reports that advocates of a new Homebuyer Tax Credit are finding little support from either Realtors or homebuilders. The article quotes Bernard Markstein, senior economist with the National Association of Homebuilders who reportedly said, ". . . we are bordering on where tax credits become ineffective."
 
See article HERE.
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housing tax credit: Homebuilders Surprised by Drop in Sales Following Expiration of Tax Credit - 07/30/10 06:24 PM
Officials from three of the nation’s top homebuilders, Ryland, Meritage, M/I Homes, ranked as number 9, 11, and 16, respectively, have all reported a drop in sales following the expiration of the Homebuyer Tax Credit. At M/I Homes, second quarter sales fell by 21 percent due to a dramatic drop in the May/June numbers, while the quarter for Ryland was even worse with a sales decline of 44.2 percent. And while some builders have expressed surprise at the extent of the slowdown, stating they did not expect it to be as severe or prolonged, most are making significant adjustments to their … (12 comments)

housing tax credit: House Votes To Extend Homebuyer Tax Credit - 06/29/10 10:44 PM
All those wishing for Congress to extend the Homebuyer Tax Credit are now onelegislative body closer to getting their wish. In a vote today the House of Representatives approved moving the closing date for those under contract to September 30, 2010. The next hurdle will be having the Senate pass a bill that can immediately be presented for the President’s signature. But with most members willing to agree to a standalone extension, the prospects are pretty good.
 
Click HERE for the full article.
 
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housing tax credit: Proposed Senate Bill Extends Deadline For Housing Tax Credit - 06/11/10 01:19 PM
A bill just introduced in the Senate would extend the deadline for the Housing Tax Credit by 90 days, according to an ARTICLE in The Washington Post. The bill, supported by the NAR, would grant those already under contract and extra three months to get their deal closed. Many lenders, suffering from an overload of mortgage applications, had indicated that some loans would not be ready to close by the original deadline of June 30.
 
The NAR has estimated that as many as 180,000 applicants under the original deadline would be unable to close. While the NAR and mortgage lenders … (25 comments)

housing tax credit: The Latest Housing And Employment News From The Fed - 06/09/10 04:34 PM
The latest Fed “Beige Book” report is yet another indication that the early spring surge in home sales was only a temporary “blip” that has now come to an end. The report’s summary, which combines information from all Fed districts, seems to provide little hope for a sustained housing recovery.
 
More specifically, the report noted that, “Residential real estate activity improved since the last report. Most Districts noted an increase in home sales and construction prior to the April 30th deadline for the homebuyer tax credit, with contacts in many of these Districts also indicating a corresponding slowing in activity … (12 comments)

housing tax credit: “Kicking The Can,” A Favorite Political Pastime - 05/12/10 05:26 PM
Are we now getting the first indications that the housing tax credit may have done no more than kick the proverbial can a bit farther down the road? With mortgage applications falling last week and home prices dropping in many areas of the country, it appears that the housing tax credit may have done little more than provide a temporary and meaningless stimulus while adding to the growing deficit.
 
And while we’ll not have an accurate picture of the market for several months, first indications don’t appear positive. A CNBC article by Diana Olick seems to confirm my opinion that … (63 comments)

housing tax credit: Did The Tax Credit Suck All The Buyers From The Market? - 11/19/09 08:02 AM
According to the MBA (The Mortgage Bankers Association) mortgage loan applications have fallen again. Despite incredibly low interest rates (4.83% average for 30 year fixed) and despite the continuation of the housing tax credit, home buyers seem to have vanished. The seasonally adjusted Purchase Index has now declined for six consecutive weeks and is currently at the lowest level in more than a decade.
 
It appears that concerns that the tax credit would do little more than steal future purchasers may have been well-founded. And while we now have a revamped housing tax credit that includes existing home owners, there … (9 comments)

housing tax credit: There Are More Serious Concerns Than The Home Buyer Tax Credit - 10/22/09 08:03 AM
While we debate the relative merits of recent attempts to stimulate the housing market, there are more serious concerns that the home buyer tax credit. In fact, a far more serious issue looms with the potential to bring home sales and the economy to a screeching halt. Oil. The price of oil has been inching upwards for months and has now passed the $80 mark. And if this trend continues, the “green shoots” some have reported will wither and die.
 
The cause of the rise in oil prices is an influx of speculative money looking for a safe haven.  As … (14 comments)

 

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