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Interesting news and views
On the News Hour Thursday or Friday night (PBS Ch. 8 in Phoenix), Gwen Ifill was interviewing two senators, one from Arkansas and one from Georgia, regarding the stimulus package being worked on in the US Senate. The Georgia Senator, whose name escapes me, reminded the audience that in the 1970s our economy was in trouble, similar to where it is now, and that Congress passed a stimulus package which included a tax credit totaling $9,000 over 3 years, to anyone who purchased a home.
I don’t remember this incentive package. I do remember the 70s interest rates and horrible housing market, but I was not a Realtor and paid little attention to this segment of the economy.
I’m generally anti government ‘meddling’, but this incentive package, with a tax credit phased over 3 years, really intrigues me and I think (hope) it’s something that Congress will look into. The two Senators agreed that the stimulus package passed by the House would be a good step (perhaps with a little Senate tweaking), but that a further stimulus package might be needed to get this economy moving and the housing market off dead center. According to Phoenix Board of Realtors statistics, www.armls.com in December, we closed 844 units, both condos and homes, and we added 12,573 units, again both condos and homes. At that rate, we have 15 months of inventory on the ground. That’s not a pretty thought!!
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