HBA Newswatch
April 10, 2008
AREA HOME MARKET SLOW, BUT NOT SCARY
Sales so far are down over '07. But it's too early, experts say, for data to show a trend.
By Al Heavens
Inquirer Real Estate Columnist
Sales in the Philadelphia region of both new and existing homes were significantly slower in January and February than they were at the start of last year, continuing a trend that began in mid-2006.
In the seven suburban counties, combined net new-home sales were almost 38 percent lower than in the same months in 2007, according to data collected by Hanley Wood Market Intelligence, which tracks sales nationally. (There are no comparable new-home data for the city because Hanley Wood has been tracking Philadelphia sales for less than a year.)
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FIRST STEP: SENATE PASSES ITS BILL TO EASE HOUSING CRISIS
WASHINGTON (AP) — The Senate on Thursday passed a bipartisan package of tax breaks and other steps designed to help businesses and homeowners weather the housing crisis.
The measure passed by an impressive 84-12 vote, but even its supporters acknowledge it's just the beginning.
The plan combines large tax breaks for home builders and a $7,000 tax credit for people who buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes.
Despite the impressive vote, the bill will be significantly redrawn by critics in the House who say it favors businesses like home builders and does little to help borrowers at risk of losing their homes.
The White House opposes the plan but has not issued an explicit veto threat. It says parts of the legislation would make the problem worse by depressing some home values and the measure inappropriately uses taxpayer money to bail out lenders saddled with foreclosed houses.
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BIG TAX HIKES ON SOME CITY HOMES
By Mark Fazlollah, Andrew Maykuth and Craig R. McCoy
Inquirer Staff Writers
In Center City, the $3 million home of the late novelist Pearl S. Buck was hit with a 28 percent tax hike.
Henry S. McNeil Jr., heir to the Tylenol fortune, was told his taxes were going up 108 percent on his $11 million Rittenhouse Square mansion.
On a somewhat humbler block, former City Councilman Angel Ortiz will see taxes go up 25 percent on his four-bedroom home in the Northern Liberties section.
Ortiz, who says he'll appeal, wonders why he's on the list, focused mainly on million-dollar houses in some of the city's swankiest neighborhoods.
"Are they saying, 'This guy is political, and we got to make an example of him'?" he asked.
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