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The major players in the housing market sent their letter to President Obama requesting that the home buyer tax credit be extended for one year, that it be increased in amount and be made available to all home buyers. There's been a final push in favor of the tax credit.
Mark Zandi, the Economist has said extending the home buyers tax credit and increasing its amount makes sense. We haven't seen too many economists in favor of the credit, but I agree wholeheartedly with Zandi and if you've been reading my posts you know that I believe if you don't fix housing, you won't fix the economy. In case you missed it, here's the news story.
However, yesterday USA Today reported that a housing credit isn't needed and that 80% of financing for first-time home buyers is with FHA financing. I had written a post not too long ago on that very subject that in fact FHA financing in the three areas my blog covers wasn't the primary source of financing. I decided to do another check since we are in the middle of the frenzy for first-time home buyers to purchase in order to get their tax credit.
For the month of September, RMLS™ #147, 148 and 151, showed that once again the bulk of purchases were not FHA financing. The bulk of the transactions in the above areas this blog covers were in fact Conventional financing.
(The stats aren't broken down by RMLS™ for West Linn and Lake Oswego. The totals also include both residential detached and condos, townhouses and attached dwellings).
September 1-30, 2009
Methods of Financing |
#147
Lake Oswego
/West Linn |
#148
West Portland |
#151
Tigard |
| Cash |
22 |
39 |
27 |
| Conventional |
59 |
109 |
71 |
| FHA |
8 |
26 |
46 |
| Other |
|
1 |
5 |
| VA |
|
1 |
8 |
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| # Houses Still for Sale |
832 |
1,018 |
1,024 |
| # Condos Still for Sale |
171 |
817 |
123 |
| Source: RMLS |
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With the large number of houses and condos for sale in these three areas, I still feel that a tax credit should be extended, increased and open for all buyers.
© Copyright 2008-2009 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.
ALL ABOUT.....Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
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(For more local and national real estate information, go to www.bettyjung.com).
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