Sept. 26 (Bloomberg) -- Purchases of new houses in the U.S. declined in August to a six-month low.
The biggest drop in prices in two years failed to lure buyers away from even less expensive distressed properties.
Sales, tabulated when contracts are signed, dropped 2.3 percent to a 295,000 annual pace, figures from the Commerce Department showed today in Washington. Deirdre Bolton and Michael McKee report on Bloomberg Television's "InBusiness with Margaret Brennan."
After the 112th Congress took office, it did not continue the new home buyer tax credit program that was in the Obama economic stimulus. Rightardia thinks the discontinuation of the tax is having a negative effect on housing.
If your date of purchase of a houise was between January 1, 2009 & December 1, 2009, you were eligible for a tax credit up to $ 8000.
In case the purchase was between April 1, 2009 & January 1, 2009, the tax credit is up to $ 7500. This program was discontinued by the Republican 112th Congress.
Why? It's called class warfare.
Source: http://EzineArticles.com/2159373
Source: Bloomberg
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