It seems likely that the U.S. Senate will approve a deal to extend the First-Time Homebuyer Tax Credit, but the devil is in the details.
Florida Democrat Sen. Bill Nelson told reporters traveling to Florida with President Obama on Monday that he thought that the extension would be approved, but both senators and representatives are among those who think that there should be some fiscal offset for the cost of the extension. Spending any more money on the stimulus effort also could stir up a hornets’ nest in some circles.
The proposal in the Senate that appears to have the most likelihood of passage would extend the $8,000 credit through March 31, then its value would drop by $2,000 for each of the subsequent three quarters of 2010. This plan was offered by Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus, a Montana Democrat.
Source: Associated Press, Andrew Taylor (10/26/2009) and The Wall Street Journal, John D. McKinnon (10/27/2009)
Restored 3bedroom 2bathroom 1920’s Craftsman Bungalow- no stone left unturned:gleaming hardwoods, seamless master suite addition, high end fixtures, top stainless appliances. This gem is a MUST see. Seller has termite and will provide home warranty. Strong offers- last renovation had multiple offers and sold at 169K! List price $154.9K
Friend of the West End Park is planning an Autumn Festival and Pumpkin Sale in the West End park on October 24, 2009. It is going to be a full day of activities starting with a fun run at 9:00 a.m. followed by a soccer game at 10:00 between the West End Our Stars Scoccer team and Kipp Ways Acadamy. The fest will begin at 12:00 with art activities, food demos with produce from local gardens, candy apple making, field day activities, drumming etc… The day will end with story telling and s’mores around “camp fire”. Admission is free but we will be selling pumpkins and food(very inexpensive) . All proceed will go to Friends of the West End park for more programming and beautification of the park
All the leading indicators say housing is definitely on the mend, economists reported in advance of the official release of several pieces of good news expected this week.
Bloomberg News surveyed 53 economists and asked them where they expected the numbers to fall. Here are their predictions:
Construction starts in September are expected to hit a 610,000 annual rate, the most since last November.
Sales of existing homes likely rose to a two-year high.
Because of fear of a relapse, the Federal Reserve is predicted to leave interest rates low for a few more months.
Building permits, a sign of future growth, probably rose to a 590,000 annual pace, also the highest level since November, the Commerce Department is likely to announce.
The National Association of Home Builders/Wells Fargo index is expected to rise to 20 from 19, the economists say.
Google Inc. plans to resume hiring and acquisitions after its third-quarter sales beat analysts’ estimates. CFO Patrick Pichette says: “We weathered what is an incredible recession. If you have all this behind you, the only outcome you should have as management is: ‘OK, let’s build now.’”
Source: Bloomberg, Courtney Schlisserman (10/18/2009)