Last Updated Aug 24, 2009 12:20 PM EDT It isn't just the National Association of Realtors, Mortgage Bankers Association of America, the National Association of Home Builders and Sen. Johnny Isakson (R-GA) who want a $15,000 home buyer tax credit. According to Bruce Hahn, president of the American Homeowners Grassroots Alliance, 70 million homeowners want it as well. With prime mortgage foreclosures and delinquencies now approaching 20 percent, Hahn believes the time is right to not only extend the $8,000 first-time home buyer tax credit - but expand it to $15,000 and make it available to all home buyers, even millionaires. In a press release this morning, the American Homeowners Grassroots Alliance said:Foreclosures on prime mortgages (the vast majority of all mortgages) are increasing very rapidly as the nearly 10 percent unemployment and underemployment is leaving more homeowners with good credit histories unable to keep up with their mortgages. At the beginning of 2007 only about 2 … [Read more...] about $15,000 Home Buyer Tax Credit Gets Another Boost
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Last Updated Aug 24, 2009 2:36 PM EDT June's new construction and existing home sales numbers are out, and I think they're a mixed bag:New home sales increased 11 percent in June over May, according to the U.S. Commerce Dept. That's the highest amount in 9 years, and welcome bit of news for market-beaten developers. The total number of new homes sold dropped 21.3 percent from a year earlier, to about 384,000 on an annualized basis - not so good news. New construction building permits rose only 8.7 percent from May, and were down 52 percent from a year ago. The median sales price of new houses sold in June was $206,200, down about 12 percent from a year ago. The inventory of new homes (homes that are currently for sale) fell to an 8.8 months supply, from about a 10.2 month supply. Six months inventory is considered by many housing industry observers to be an optimal supply in a normal housing market. Last week, the National Association of Realtors announced that existing home sales … [Read more...] about Is the $8,000 First Time Home Buyer Tax Credit Enough to Save the Housing Market?
Last Updated Oct 14, 2009 12:31 PM EDT It's Cash for Clunkers - but for home buyers. That's how Sen. Johnny Isakson (R-Ga.) described his $15,000 home buyer tax credit proposal. The proposed legislation would have given a $15,000 tax credit to any home buyer who bought a home, regardless of income. Sen. Isakson's proposal would have also extended the date of the proposal for a full year from the date of enactment, making home buyers eligible for the tax credit well into 2010. The proposed $15,000 home buyer tax credit was supported by the National Association of Realtors (NAR), the National Association of Home Builders (NAHB) and the Mortgage Bankers Association of America (MBA) - three of the strongest lobbying organization in Washingon, D.C. (FYI: The Realtors are said to be the top lobbyists.) At one point, even Shaun Donovan, Secretary of the Dept. of Housing and Urban Development (HUD) was considering it. But last week, the Senate voted 47 to 50 against lumping Sen. Isakson's … [Read more...] about $15,000 Home Buyer Tax Credit Rejected For Cash For Clunkers Bill
Last Updated Oct 14, 2009 12:28 PM EDT It looks like the $15,000 tax credit for all home buyers, even millionaires, is dead in the water. But don't count Sen. Johnny Isakson (R-GA) out just yet. In a phone call this morning, he laid out plans for a $10,000 tax credit for all home buyers, one that removes the income cap and allows anyone to claim the tax credit as long as you live in the house for three years. While it would be great to have a $10,000 tax credit for all home buyers, the recent good housing news seems to have taken out some of the steam behind extending and expanding the current $8,000 tax credit:Last month, housing prices climbed the most since 2005. The S&P/Case-Schiller Index of the top 20 housing markets showed prices climbed 1.2 percent in July. The Federal government plans to spend $35 billion over three years to fund state housing programs that target low-to-middle income home buyers. Interest rates remain at nearly 40-year lows, making housing extremely … [Read more...] about $15,000 Tax Credit Is Too Rich, So How About A $10,000 Tax Credit For All Home Buyers?
WASHINGTON A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006. CoreLogic, a real estate data provider, said Tuesday that annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale. Prices increased in 46 states over the past year -- 11 of them posting double-digit gains. And when excluding distressed sales, which include foreclosures and short sales, prices rose in every state. A short sale is when a home sells for less than what is owed on the mortgage. Nevada led all states with a 22.2 percent annual gain. It was followed by California (17.2 percent), Arizona (16.8 percent), Idaho (14.5 percent) and Oregon (14.3 percent). Home prices also rose 1.9 percent in March from February, signaling a solid start to the spring buying season. And 88 of the 100 largest cities reported price gains compared with a year earlier, down … [Read more...] about Survey finds home prices up 10.5 percent in past year