November 16, 2009
November 11, 2009
First Time Home Buyer Tax Credit Extended - April 2010
On November 6th, President Obama signed legislation which extends the first time home buyer tax credit of $8,000 until April 30th of 2010. Many experts to date feel that the original $8,000 tax credit has had a contributory effect to the stabilization of residential real estate values, especially for property valued under $200,000. In fact, the Case-Schiller Index - one of the most respected real estate indexes has shown four consecutive months of real estate growth.
I believe that this tax credit will help further stabilize the housing market through at least the first half of 2010, especially because of the addition of an existing home owner tax credit. That's right, there is now a tax credit of up to $6,500 for anyone who has lived in their property for 5 consecutive years, out of the last 8 years and makes less than $125,000 (single filers) or $225,000 (joint filers).
Regardless of whether you are applying for the first time home buyer credit or the existing home owner tax credit, binding contracts must be signed by April 30th, 2010 and closed by June 30th, 2010. Also, the law allows you to take the tax credit for either 2009 or 2010.
I believe that this tax credit will help further stabilize the housing market through at least the first half of 2010, especially because of the addition of an existing home owner tax credit. That's right, there is now a tax credit of up to $6,500 for anyone who has lived in their property for 5 consecutive years, out of the last 8 years and makes less than $125,000 (single filers) or $225,000 (joint filers).
Regardless of whether you are applying for the first time home buyer credit or the existing home owner tax credit, binding contracts must be signed by April 30th, 2010 and closed by June 30th, 2010. Also, the law allows you to take the tax credit for either 2009 or 2010.
November 3, 2009
National Manufacturing On The Rise: A sign of economic strength
In a report released on November 2nd by Reuters, manufacturers are reporting an increase in output, as well as an increase in lead time for supplies.
The manufacturing industry is view by economists as a key sector, because ultimately supply starts with the manufacturing industry. When retailers are pessimistic about sales, they cancel orders and manufacturing suffers. When retailers are optimistic about sales, they initiate new orders and manufacturing benefits.
In October, manufacturers reported their 3rd consecutive month of growth in new orders and the highest rate of growth since April 2006. Furthermore, 13 out of 18 manufacturing industries reported growth.
According to industry experts, the growth was initially fueled by the need for retailers to replenish their depleted inventories; however, the more recent growth is merely the result of a increases in consumers' buying patterns.
Although manufacturing is only one sector of the U.S. economy, its recent growth is something to be positive about.
The manufacturing industry is view by economists as a key sector, because ultimately supply starts with the manufacturing industry. When retailers are pessimistic about sales, they cancel orders and manufacturing suffers. When retailers are optimistic about sales, they initiate new orders and manufacturing benefits.
In October, manufacturers reported their 3rd consecutive month of growth in new orders and the highest rate of growth since April 2006. Furthermore, 13 out of 18 manufacturing industries reported growth.
According to industry experts, the growth was initially fueled by the need for retailers to replenish their depleted inventories; however, the more recent growth is merely the result of a increases in consumers' buying patterns.
Although manufacturing is only one sector of the U.S. economy, its recent growth is something to be positive about.
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