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Futures and Commodity Market News |
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Sat Nov 21, 2009 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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HIGH POINT, Nov 07, 2009 (High Point Enterprise - McClatchy-Tribune Information Services via COMTEX) -- An extension and additional incentives to the First Time Home Buyer's Tax Credit will help the housing market, but it may leave some areas unaffected, according to local real estate agents. The tax credit will continue to offer up to $8,000 to first-time homeowners through April 30, and additionally will offer $6,500 to previous homeowners who have lived in their current homes for five of the past eight years. But there still is a large inventory of upscale homes ranging from $250,000 and higher that are stagnant on the market. Those homes remain a problem for both Realtors and homebuilders, according to Carol Ferrell, owner of Carol Ferrell and Associates. "Maybe the tax credit will get more inventory off of the market, allowing for builders to build new homes again," Ferrell said. "But a lot of the homes that have been sold under the tax credit are those in the lower price ranges." Scott Beane, of Beane Construction, said the tax credit could help the upscale housing market theoretically, but most of its earnings have gone towards homes under $200,000. Consequently, homes above $200,000 have been the hardest to sell in the past year, he said. "More than 50 percent of our sales have been touched by this tax credit," Beane said. "I hate that they waited to include previous buyers until now, but maybe they waited so that we have a broader base to get us through the winter." Ferrell agreed that adding even more incentives to the tax credit could help the construction industry, but the current tax credit at least could continue to stimulate the majority of the housing market. "Anything that will move houses and reduce inventory is going to be good for the industry and all industries related to it," Ferrell said, citing electricians, plumbers and land surveyors as other occupations that could benefit from the tax credit. Beane said the original First Time Home Buyer's tax credit had decreased the market's inventory, thereby allowing for new construction opportunities. "I'm hoping the extension will help inventory decrease even more," he said. phaynes@hpe.com -- 888-3617 To see more of the High Point Enterprise, or to subscribe to the newspaper, go to http://www.hpe.com. Copyright (c) 2009, High Point Enterprise, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |
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Pam Haynes Copyright (C) 2009, High Point Enterprise, N.C. Please read the End User Agreement. News provided by COMTEX |
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