The last three years have seen sharp decline in the housing prices. Many of the declines have bottomed out markets and some local areas simply fell to the bottom and found they could go lower. Finally prices seem to be stabilizing across the board. What is good for the home buyer is the prices [...]
The last three years have seen sharp decline in the housing prices. Many of the declines have bottomed out markets and some local areas simply fell to the bottom and found they could go lower. Finally prices seem to be stabilizing across the board. What is good for the home buyer is the prices have stabilized on the lower end of the housing range. To this end, home buyers are coming back to the market place. This draw is being encouraged by low mortgage interest rates and an 8 thousand dollar tax credit that will expire at the end of November.
Starting in May of 2009 the Office of Federal Housing Enterprise Oversight (OFHEO) began to announce a steady increase in home prices over the previous month. It started with .09% and has continued to grow from there. One of the hardest declines was felt along the pacific coast, and recently they registered on the index with an increase of 2.7%.
An added benefit to the additional home sales is the improved price. At this point, reflecting on data released by the Department of Housing and Urban Development and the US Census Bureau, the increase is only 3.6% as of June 2009. These same resources have also identified an increase of new home sales by 11% the same month. This shows the foundation to a successful recovery period, which the United States housing market, is finally reaching.
When 2009 opened, Barack Obama was inaugurated, and he very quickly passed the Economic stimulus bill. This stimulus package included an 8000 dollar tax credit for new home buyers. This is a fantastic incentive, however it is a down the road repayment, and the department of Housing and Urban Development (HUD) believes they can do [...]
When 2009 opened, Barack Obama was inaugurated, and he very quickly passed the Economic stimulus bill. This stimulus package included an 8000 dollar tax credit for new home buyers. This is a fantastic incentive, however it is a down the road repayment, and the department of Housing and Urban Development (HUD) believes they can do one better. They have chosen to tweak the plans and adjust it so that the Federal Housing Authority’s approved lender list can provide buyers with the tax credit up front, for use at the close of the house, when the money is most needed.
Several states have already implemented this program on one level or another. Some are allowing for a tax cushion but it will still permit first time home buyers to purchase a home, using less of their own money at closing. This will free up the costs for closing to be used to furnish the home with needed appliances and furniture. This aspect of the economic stimulus will actually stimulate the economy, and with the active help of HUD it will do so faster than it was originally written to.
HUD has long been known to facilitate productive assistance to home buyers and mortgage assistance to anyone who qualifies. With that in mind there is no doubt that across the country and right here in Austin, new home buyers will be able to facilitate the best possible use of their 8 thousand dollar new home credit very soon.
