The housing market has been on a down slope due to the current economy, but things may be looking up for 2010. Housing permits during the end of 2009 had declined severely but due to the new tax credit for first time home buyers, the building permit industry is on the rise. This may be a good time for people to say sell my house or join a home buyer’s organization to assist with the new rise in home buying or home building.
Builders are preparing themselves for the renewed economy, it is slow moving but hopefully the rise will stay steady throughout 2010. The new tax credit that President Obama has okayed is for first time home buyers and has now been extended to current homeowners. There are so many homeowners struggling and so many people looking for affordable housing. With this green light go ahead many builders are seeing this as a go ahead for building town homes, apartments and larger residential homes.
Home builders are also trying to grab up the partially built homes and the foreclosed homes. If they can fix up these properties and sell them they can collect the much needed profits. Applications for building permits has increased almost 11% since 2009. Even though the construction of single family homes and new homes is still on the decline larger family homes are doing well.Rescheck
President Obama has extended an $8,000 tax credit for first time home buyers that was scheduled to expire at the end of 2009 but has bee extended to June of 2010 as long as the paperwork is filed by April of this year. Current homeowners have also been added to this group due to the increased foreclosures and lack of ability for so many homeowners to pay their mortgages.
Many local city and state permit offices are welcoming the supposed increase in the purchasing of building permits because the increase in finances for the city and state is much needed and the economy of a local area is greatly affected by the sale of things like permits. Any increase in the economy is welcomed at this stage in the economic crisis.
In conclusion, any boost to the economy is welcomed and as long as the government keeps the tax extension for new and current homeowners available, there will be more opportunity for multi-family homes and apartments to be built where there are may people homeless and out of work.