What Effect Did The Stimulus Programs Have On Your Market?

By
Real Estate Agent with Coldwell Banker Lunsford AB59000049

We're just into 2012 and already there's talk from Washington of a new program to "fix" the housing problem, with today's papers carrying a story about a modification of the Home Affordable Modification Act. While I've read conflicting reports its contents, it seems to focus on a refinancing plan to help people with good credit and current payments who are upside down on their current mortgages. Without getting into the specifics of the HAPA at this time, I couldn't help wondering how the previous plans had affected the housing market in Muncie and Delaware County, IN.

The previous federal stimulus programs were as follows.

2008-The Economic Stimulus Act of 2008- First-time homebuyers were offered a tax credit of up to $7500 as a no-interest loan to be repaid at $500/yr for 15 yrs.

2009-The American Recovery and Reinvestment Act of 2009 (ARRA)- First-time home buyers were offered a tax credit of up to $8,000 which did not have to be repaid. Non-first-time buyers were offered up to $6,500.

 2010- ARRA was extended to buyers under contract by May 31 and closed by Aug. 31.

Looking at sales and prices from 2006 -2011, I saw no significant effecStimulus Price Grapht on our market. Here's the data.Stimulus Sales Graph

 

 

 

 

 

Except for a property tax issue in Aug. of 2007, the sales and price increses reflect the normal seasonal cycle of our business. I'd be interested in hearing what effect the stimulus programs had on your markets. Maybe the 2012 plan will have positive results, but I doubt it. The only good thing is that given the current political climate, there's little chance anything will be passed.

Posted by

Jim

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the music-note to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Indiana Delaware County
Groups:
Coldwell Banker Platform for Sharing Information
Midwest Rainers
Realtors®
Tags:
federal stimulus programs
effect of stimulus on the real estate market
market data

Comments 0 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the key to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the flag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
36,779

Jim Kouns

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Market information, facts and opinions on real estate and other matters in Muncie and Delaware Co. IN