Wednesday, October 28, 2009

Home Sales Seem To Be Improving....a bit

Eventhough it may not seem like it to many, home sales in Chicago are improving, and better than many metro cities. According to Crian's Chicago Business, Chicago’s 1.7% month-over-month gain was the fourth-largest increase among the 20 cities, after Minneapolis, at 3.2%, San Francisco, 2.8%, and Detroit, 1.9%. The Standard & Poor's/Case-Schiller home price index has shown a wide spread turn around in 17 major U.S. cities month over month since june.

A key element that has contributed to this growth has been the $8000 tax credit stimulus package that is due to expire on November 30th of this year. There is support in Congress to extend it and have it phase out over the coming year.

Senate Majority Leader Harry Reid, a Nevada Democrat, is supporting a four-month extension of the home buyer tax credit. Two other proposals in the Senate would, respectively, extend the credit through June and, most generously, increase the deduction to $15,000 and open it up to all home buyers and those with higher incomes. One or more of these proposals is likely to come up for a vote in the next week attached to a measure that would extend unemployment benefits for 20 weeks.

I know you may not think so, but calls to your senator will make a difference. Lets not lose the momentum.

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