Home Prices Down 26% Since 2006

Yet property taxes have gone up 37% during that same time period. The property taxes have gone up in Florida and New York and other states with strong unions who have pushed through these tax increases to pay for union pay and benefits.

Fox Business Network. 8:30 a.m. Economist Sam Chandan says the housing market remains very weak, just above their all-time lows. Ne home sales rise less than expected in November.

The government programs to encourage home sales have met with limited success.

Home sales have gone so low it would have been difficult in November for them not to increase.

Mortgage rates are going up, discouraging new homeowners to enter the market. There’s a large overhang in existing homes, which makes it difficult for builders to off-load assets.

What kind of policy could drive home sales? Low mortgage rates has not done it. We need sustained job growth. Without that, we’re not going to see significant improvements.

The American consumer is more confident than the past three years.

The multiplier effect on those income taxes will be strongest for the least affluent homes. That will drive some spending.

With the shortfalls in local and state budgets, some states will adjust property and sales taxes to meet the shortfall. That will off-set some of the federal tax cuts.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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