There’s plenty of real estate news happening this week and in the immediate future that will be impacting who buys houses and what they cost as well as real estate general in the Monadnock Region, New Hampshire, Vermont and Massachusetts.
The real estate industry as well as most Americans looking to buy a home now anticipate the President signing the $8000.00 tax credit for home buyers into law ASAP. The tax credit will be passed out for couples with incomes over $150,000.00 and single tax filers with incomes over $75,000.00. It’s important to remember that real estate purchased using this tax credit that is sold in three years or less will be penalized and the credit will have to be re-paid. Sounds to me like lots of people will be in a good position to take advantage of and up market in three years if they buy now!
There were other little blips of unexpected good economic news last week when it was revealed that Retail Sales spiked up, not down as widely anticipated; home sales rose dramatically in the sates of California, Nevada and Arizona in the fourth quarter. (These states are the states that lead us into the downturn wouldn’t it be interesting if the real estate markets in California, Nevada and Arizona lead us out – all pre-stimulus package.)
Despite that small bit of good news financial markets and demand for new homes and real estate are likely to remain highly volatile in the coming weeks and months.
This week in economic and real estate related news. We will get reports on Home Sales and Housing Stats on Wednesday, inflation/deflation with Thursday’s Producer Price Index and Friday with the release of the Consumer Price Index.
This is one of those big weeks for economic and real estate related news. Remember anything included in these numbers happened before any economic stimulus package – good or bad.