Overall January Home Sales Decline; Foreclosures Down 41 Percent as Mitigation Efforts Increase

Please click here to read the press release by the Memphis Association of REALTORS®

Tax Credit Update

According to the Wall Street Journal this morning the tax credit has shifted back to only first time homebuyers. The credit has also reverted back to $7500. I hope the Senate will have something to say about this because I think the $15,000 tax credit would do more for the economy than the current proposal.

Tax Credit Just Got Smaller

It looks like the $15,000 tax credit just got cut to $8,000. Click here to read the latest.  I'm sure things will change quickly over the next couple of days so keep an eye on the news.

Thanks,

Allen

What does the stimulus/spending package mean for housing?

While most experts seem to agree that we need to fix housing before the rest of the economy can get going the congress hasn't figured out how to jump start the housing market. It looks like the senate will approve some sort of package early next week. One encouraging addendum that has been approved and will hopefully be added is the tax credit up to $15,000 for any home buyer. This will help jump start this market. If approved this will offer a great opportunity for any home buyer but you better act fast.  With all this spending comes a price.  With almost a trillion dollars of new debt we will probably see a rise in interest rates. There will be a window of opportunity to take advantage of low rates, low prices and a tax credit if approved.  Keep a close eye on what happens this weekend and early next week and be ready to make a move!
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