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There’s been quite a bit of buzz for months now about a proposed bill to increase the $7,500 first-time home buyer tax credit to $15,000 for all buyers. Nothing has been set in stone that I’m aware of as yet. Frankly, I am hoping that something will be adopted soon as I feel housing has stalled here locally in Portland, Oregon. With all the stimulus packages, government bail-outs and assistance, we still need a jump start for housing.
My question to you in the form of a poll below (and unscientific research) is: Would a $15,000 tax credit motivate you to buy a house in Oregon today? There was a recent article from RISMedia that addressed the same thing. I’d been thinking of asking this question for a while and when I read that article it spurred me into writing this post.
A study by Weichart Realtors® in the RISMedia article stated:
“The study of more than 500 visitors to Weichert.com, found that of those who had not yet made the decision to buy, 84% would be highly-motivated to purchase a home if they could receive a tax credit of $15,000. In contrast, only 46% of respondents said they would be highly motivated to buy if they received an $8,000 tax credit.”
In an effort to boost California’s declining real estate market, that State in February gave buyers a $10,000 tax credit to purchase a 
house. However, that money has all but run out. I think it would be terrific if the legislators gave a tax credit to buy a house here in Oregon.
According to the Economic Analysis, Macroeconomic Advisors at the National Association of Realtors®: “When a house is sold, it also generates an economic multiplier impact. There is greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be: $14,927. Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimated in the State of Oregon to be: $35,788.”
So readers, tell me what you think? I’d really like to hear from you. All votes are anonymous:
© 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.
Based on a Blog at WordPress.
(For more local and national real estate information, go to www.bettyjung.com).
In one of my recent posts, I referred to this Moody’s article. However, it has a lot more great information. One of those items is an interactive map showing where and when the recession started and a tracking of where the jobs will be.
It has a link to each of the areas in Oregon and provides a broad economic picture. 
You can click on the link to get a better view. It also says in part:
“If you want to be in the right place when the recovery starts, that place may be in Colorado, Idaho, Oregon, Texas or Washington.”
The recession didn’t start at the same time in every state, and it won’t end at the same time either. The new forecast from Moody’s Economy.com predicts that job growth will return first in those five states listed above, starting in the last quarter of this year. Four of those states benefit from strong high-tech industries, and the fifth, Texas, has a strong base of energy industries.
According to Moody’s, there are 8 states not in a recession:
“(The) eight metro areas still not in recession are judged to be at risk of recession, meaning they are decelerating toward the downturn. The eight are Anchorage, Alaska; Bismarck, N.D.; Killeen-Temple-Fort Hood, Texas; Laredo, Texas; Las Cruces, N.M.; Midland, Texas; Odessa, Texas, and Texarkana, Texas-Arkansas. Most of those benefit from energy production. Laredo also benefits from trade with Mexico.”
Moody’s predicts that Oregon’s recession will end at the end of the 4th quarter of 2009 – here’s the interactive map.
So when do you think the recession will end here in Oregon? Let’s hear from you and answer this poll. All votes are anonymous.
Source: Moody’s Economy.com
© 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.
Based on a Blog at WordPress.
(For more local and national real estate information, go to www.bettyjung.com).
At the end of this year, it will be the eight-month anniversary of my blog. Amazingly, I still have things to say and talk about. However, I want to be able to provide you with the information you want to know about in 2009.
Therefore, would you please complete this poll to give me an idea as to what you’d like to hear? All votes are anonymous. I will tally the results in an up-coming post or you can view them yourself in the poll by clicking where it says “View Results” as we go along. Further, any comments are always appreciated. If you choose to send your comments to me via email at bettyjung@remax.net that would work as well. This blog is for you and I want to write about those topics that you’re interested in. Thank you and thanks for checking in.
© 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.
Based on a Blog at WordPress.
(For more local and national real estate information, go to www.bettyjung.com).
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