The August FHFA home price index fell .3% m/o/m and is down for the first time since April and is down 3.6% y/o/y. From the record highs in April ’07 it’s down 10.7%. Hard to believe, I know. This index only measures those homes that have mortgages backed by FNM and FRE but is geographically diverse. The m/o/m decline was led by the South Atlantic region which includes the DC area, North and South Carolina, Georgia and Florida and the New England area. The y/o/y drops continue to be mostly in the heavily foreclosed areas of the West and South. With regards to the home buying tax credit which expires next month, the IRS today said tens of thousands of people may have taken advantage of it to defraud the government. 19k people filed ’08 tax returns claiming the credit for houses they haven’t bought yet and 74k had already owned a prior home. Also, 580 taxpayers under 18 yrs old claimed the credit and one was 4 yrs old.
FHFA home price index/tax credit, oh to be 4 yrs old again
October 22, 2009 10:57am by
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/
Posted Under
UncategorizedPrevious Post
Earnings Season Is Underway
What's been said:
Discussions found on the web: