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The Senate might pass its version as early as Wednesday, and aides to Congressional leaders say the House could accept it this week, sending the bill to President Obama to sign into law. After weeks of partisan delay in the Senate, Democrats are eager to show progress before Friday, when the October jobless report is again expected to show high unemployment.
The homebuyers’ credit — enacted last year, expanded this year and scheduled to expire Nov. 30 — would be extended to cover homes under contract by April 30. Also, it no longer would be limited to first-time buyers; people who have owned a home for at least five years could get a $6,500 credit on a new residence. Income limits for eligibility would be raised, making many more people qualify. Source: http://www.nytimes.com/2009/11/04/us/politics/04cong.html?_r=1&partner=rss&emc=rss
View Pelican Bay Naples Homes One could argue either pro or con for the tax credit extension. It is a huge incentive for 1st time buyers. Housing prices and mortgage rates are at a level where buyers feel comfortable to commit to purchases. But on the flip side, this is a costly measure for the government. Is the US giving more than it should when low home prices and low mortgage rates would usually be enough to warrant buyers into the market?
While many sellers continue to cut their asking prices, fewer are doing so, according to recent data compiled by ZipRealty, national real estate brokerage, which may lead to an upward trend in home prices. According to MLS data, more than 44% of home listings in 28 major markets tracked by ZipRealty in September 2009 included at least one price reduction, down 2.8% from September 2008. Source: http://rismedia.com/2009-10-13/percentage-of-price-reduced-homes-available-for-sale-down-from-last-year-but-still-substantial/#ixzz0UlWC67SK
The Naples Real Estate Market has yet to bounce back to the prices seen in 2004-2005. But less price reductions by homeowners means that the market has reached its bottom. The question is will buyers jump in and not miss this opportunity.
