Washington home sales and The Weekend Poll
How much did the $8,000 first-time buyer tax credit boost local home sales? By about 1,900 deals that otherwise would not have occurred, according to local real estate analysts at Delta Associates. The area's lofty prices and high number of transients make our market less influenced by first-timers than most other parts of the country, Delta analysts say in a report released with Metropolitan Regional Information Systems Inc., the local multiple listing service.
Well, that tally of deals is poised to go up. President Obama is expected to sign the legislation (possibly today) just passed by Congress extending the $8,000 tax credit until spring. It also creates a new $6,500 tax credit for some move-up buyers. The earnings caps included in the legislation will limit the program's effect locally. For either the $8,000 credit or the $6,500 credit, a phase-out kicks in for people earning $125,000 a year or more, and couples earning $225,000 or more.
Weekend Reading: Mara Lee introduces us to people who've chosen to fight hard times by taking in a paying roommate. And Dan Rafter takes a look at ways you can get rid of a hard-to-sell home.
The Weekend Poll
November 6, 2009; 6:00 AM ET
Categories: Buying , Foreclosure , Poll , Taxes , The economy , The market , Weekend Poll
Save & Share: Previous: Fannie Mae to allow some troubled owners to rent back
Next: Big Bird and the real estate agent
Posted by: kingstowne_renter | November 6, 2009 10:28 AM | Report abuse
The comments to this entry are closed.