Any word on extending the tax credit?

[DWCAP]

August is summer recess for congress, and health care is drowning out everything else in the media. Dont worry, I am sure congress will pay off the bribes of the RE industry with tax payer dollars in October.

[JC]

California might extend new home tax credit
Jim Wasserman
The Sacramento Bee

A popular state tax credit of up to $10,000 that helped sell hundreds of new houses throughout the Sacramento region earlier this year appears to be coming back.
A plan to extend the state tax credit to another 4,285 buyers of new, unoccupied homes in California — possibly as many as 500 in the capital area — is expected to receive a vote in the Legislature by Friday’s end of the session.

The buyer tax credit began March 1 and unexpectedly sold out by July 2 as many first-time California buyers combined the state credit with an $8,000 federal tax credit.

Statewide, Roseville ranked eighth among cities where new house buyers received the state credit. Sacramento ranked ninth, the state Franchise Tax Board reported.

“It was used very extensively,” said Dennis Rogers, a government affairs executive with the Roseville-based North State Building Industry Association. He and others in Sacramento’s struggling building industry said the credit helped prod buyers off the fence before it ended in July.

“We’ve definitely seen a lot of interest from homebuyers coming into the sales environment because of the program,” said Pulte Homes spokeswoman Jacque Petroulakis. Pulte is the capital region’s largest home builder.

The original tax credit also helped area builders clear an excess inventory of homes finished or nearly finished, but not yet sold.

To read the complete article, visit http://www.sacbee.com.

[JC]

California might extend new home tax credit
Jim Wasserman
The Sacramento Bee

A popular state tax credit of up to $10,000 that helped sell hundreds of new houses throughout the Sacramento region earlier this year appears to be coming back.
A plan to extend the state tax credit to another 4,285 buyers of new, unoccupied homes in California — possibly as many as 500 in the capital area — is expected to receive a vote in the Legislature by Friday’s end of the session.

The buyer tax credit began March 1 and unexpectedly sold out by July 2 as many first-time California buyers combined the state credit with an $8,000 federal tax credit.

Statewide, Roseville ranked eighth among cities where new house buyers received the state credit. Sacramento ranked ninth, the state Franchise Tax Board reported.

“It was used very extensively,” said Dennis Rogers, a government affairs executive with the Roseville-based North State Building Industry Association. He and others in Sacramento’s struggling building industry said the credit helped prod buyers off the fence before it ended in July.

“We’ve definitely seen a lot of interest from homebuyers coming into the sales environment because of the program,” said Pulte Homes spokeswoman Jacque Petroulakis. Pulte is the capital region’s largest home builder.

The original tax credit also helped area builders clear an excess inventory of homes finished or nearly finished, but not yet sold.

To read the complete article, visit http://www.sacbee.com.

[JC]

California might extend new home tax credit
Jim Wasserman
The Sacramento Bee

A popular state tax credit of up to $10,000 that helped sell hundreds of new houses throughout the Sacramento region earlier this year appears to be coming back.
A plan to extend the state tax credit to another 4,285 buyers of new, unoccupied homes in California — possibly as many as 500 in the capital area — is expected to receive a vote in the Legislature by Friday’s end of the session.

The buyer tax credit began March 1 and unexpectedly sold out by July 2 as many first-time California buyers combined the state credit with an $8,000 federal tax credit.

Statewide, Roseville ranked eighth among cities where new house buyers received the state credit. Sacramento ranked ninth, the state Franchise Tax Board reported.

“It was used very extensively,” said Dennis Rogers, a government affairs executive with the Roseville-based North State Building Industry Association. He and others in Sacramento’s struggling building industry said the credit helped prod buyers off the fence before it ended in July.

“We’ve definitely seen a lot of interest from homebuyers coming into the sales environment because of the program,” said Pulte Homes spokeswoman Jacque Petroulakis. Pulte is the capital region’s largest home builder.

The original tax credit also helped area builders clear an excess inventory of homes finished or nearly finished, but not yet sold.

To read the complete article, visit http://www.sacbee.com.

[JC]

California might extend new home tax credit
Jim Wasserman
The Sacramento Bee

A popular state tax credit of up to $10,000 that helped sell hundreds of new houses throughout the Sacramento region earlier this year appears to be coming back.
A plan to extend the state tax credit to another 4,285 buyers of new, unoccupied homes in California — possibly as many as 500 in the capital area — is expected to receive a vote in the Legislature by Friday’s end of the session.

The buyer tax credit began March 1 and unexpectedly sold out by July 2 as many first-time California buyers combined the state credit with an $8,000 federal tax credit.

Statewide, Roseville ranked eighth among cities where new house buyers received the state credit. Sacramento ranked ninth, the state Franchise Tax Board reported.

“It was used very extensively,” said Dennis Rogers, a government affairs executive with the Roseville-based North State Building Industry Association. He and others in Sacramento’s struggling building industry said the credit helped prod buyers off the fence before it ended in July.

“We’ve definitely seen a lot of interest from homebuyers coming into the sales environment because of the program,” said Pulte Homes spokeswoman Jacque Petroulakis. Pulte is the capital region’s largest home builder.

The original tax credit also helped area builders clear an excess inventory of homes finished or nearly finished, but not yet sold.

To read the complete article, visit http://www.sacbee.com.

[JC]

California might extend new home tax credit
Jim Wasserman
The Sacramento Bee

A popular state tax credit of up to $10,000 that helped sell hundreds of new houses throughout the Sacramento region earlier this year appears to be coming back.
A plan to extend the state tax credit to another 4,285 buyers of new, unoccupied homes in California — possibly as many as 500 in the capital area — is expected to receive a vote in the Legislature by Friday’s end of the session.

The buyer tax credit began March 1 and unexpectedly sold out by July 2 as many first-time California buyers combined the state credit with an $8,000 federal tax credit.

Statewide, Roseville ranked eighth among cities where new house buyers received the state credit. Sacramento ranked ninth, the state Franchise Tax Board reported.

“It was used very extensively,” said Dennis Rogers, a government affairs executive with the Roseville-based North State Building Industry Association. He and others in Sacramento’s struggling building industry said the credit helped prod buyers off the fence before it ended in July.

“We’ve definitely seen a lot of interest from homebuyers coming into the sales environment because of the program,” said Pulte Homes spokeswoman Jacque Petroulakis. Pulte is the capital region’s largest home builder.

The original tax credit also helped area builders clear an excess inventory of homes finished or nearly finished, but not yet sold.

To read the complete article, visit http://www.sacbee.com.

[CA renter]

IMHO, they won’t publicize the renewal until the first tax credit expires. If they pre-announced it, people would stop buying right now in anticipation of a bigger, better credit next year.

If they hold off on the announcement, they can “surprise” everyone with the (bigger, wider-ranging?) tax credit…right in time for the spring fling of 2010.

With everything they’ve thrown at the housing market, it’s almost guaranteed they will extend and expand the program next year.

Lucky us. 🙁 Another year of “green shoots” before we can (hopefully, please?) get back to correcting the distortions caused by all these subsidies.

[CA renter]

IMHO, they won’t publicize the renewal until the first tax credit expires. If they pre-announced it, people would stop buying right now in anticipation of a bigger, better credit next year.

If they hold off on the announcement, they can “surprise” everyone with the (bigger, wider-ranging?) tax credit…right in time for the spring fling of 2010.

With everything they’ve thrown at the housing market, it’s almost guaranteed they will extend and expand the program next year.

Lucky us. 🙁 Another year of “green shoots” before we can (hopefully, please?) get back to correcting the distortions caused by all these subsidies.

[CA renter]

IMHO, they won’t publicize the renewal until the first tax credit expires. If they pre-announced it, people would stop buying right now in anticipation of a bigger, better credit next year.

If they hold off on the announcement, they can “surprise” everyone with the (bigger, wider-ranging?) tax credit…right in time for the spring fling of 2010.

With everything they’ve thrown at the housing market, it’s almost guaranteed they will extend and expand the program next year.

Lucky us. 🙁 Another year of “green shoots” before we can (hopefully, please?) get back to correcting the distortions caused by all these subsidies.

[CA renter]

IMHO, they won’t publicize the renewal until the first tax credit expires. If they pre-announced it, people would stop buying right now in anticipation of a bigger, better credit next year.

If they hold off on the announcement, they can “surprise” everyone with the (bigger, wider-ranging?) tax credit…right in time for the spring fling of 2010.

With everything they’ve thrown at the housing market, it’s almost guaranteed they will extend and expand the program next year.

Lucky us. 🙁 Another year of “green shoots” before we can (hopefully, please?) get back to correcting the distortions caused by all these subsidies.

[CA renter]

IMHO, they won’t publicize the renewal until the first tax credit expires. If they pre-announced it, people would stop buying right now in anticipation of a bigger, better credit next year.

If they hold off on the announcement, they can “surprise” everyone with the (bigger, wider-ranging?) tax credit…right in time for the spring fling of 2010.

With everything they’ve thrown at the housing market, it’s almost guaranteed they will extend and expand the program next year.

Lucky us. 🙁 Another year of “green shoots” before we can (hopefully, please?) get back to correcting the distortions caused by all these subsidies.

[mike92104]

I feel like we are going to start seeing the recent price increases retrace themselves, and at that point, congress will tell us how well the credit has worked and that we need to double it.

[mike92104]

I feel like we are going to start seeing the recent price increases retrace themselves, and at that point, congress will tell us how well the credit has worked and that we need to double it.

[mike92104]

I feel like we are going to start seeing the recent price increases retrace themselves, and at that point, congress will tell us how well the credit has worked and that we need to double it.

[mike92104]

I feel like we are going to start seeing the recent price increases retrace themselves, and at that point, congress will tell us how well the credit has worked and that we need to double it.

[Author]

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