Wednesday, 3 Jun 2009

Five States That Will Lead US Out of Recession

Posted By:Cindy Perman

Topics:Employment Recession Economy (U.S.) Wall Street
Sectors:Technology

If you’re not prepared to go to Australia to ride out the recovery, great news! A new report shows the five U.S. states poised to lead the nation out of recession.

You might want to get out your hiking boots and trail mix because most of the states are out in the northwest: Colorado, Idaho, Oregon, Texas and Washington.

Those are the states where job growth is expected to sprout first — in the fourth quarter of this year — according to Moody’s Economy.com, which conducted the survey.

Read More Here:
http://www.cnbc.com/id/31086859

Housing sales are improving significantly in key ZIP codes around the country where prices have moderated, according to information compiled for BusinessWeek.com by First American CoreLogic.

ZIP codes in California, Florida, Arizona and Nevada dominated the list, but there were also ZIP codes on the top 25 most-improved sales list from the suburbs around Detroit and Minneapolis and in the metro areas of Atlanta and Chicago.

Inventories are shrinking and prices are stabilizing in several markets, according to the survey. Here are the top 10 ZIP codes with improved home sales:

94533, Fairfield, Calif. (Fresno)
92376, Rialto, Calif. (Riverside-San Bernardino-Ontario)
91342, Slymar, Calif. (Los Angeles-Long Beach-Santa Ana)
92126, San Diego, Calif.
33914, Cape Coral, Fla. (Fort Meyers)
93065, Simi Valley, Calif. (Oxnard-Thousand Oaks-Ventura)
95123, San Jose, Calif.
85379, Surprise, Ariz. (Phoenix-Mesa-Scottsdale)
93722, Fresno, Calif. (Madera)
95624, Elks Grove, Calif. (Sacramento-Arden-Arcade-Roseville)

Source: BusinessWeek.com, Prashant Gopal (03/05/2009)

I recently found a flyer that was put out by the Illinois Association of Realtors.
It laid out tax credit in an easy to understand fashion, with bullett points.
Here’s how it read:

The American Recovery and Reinvestment Act of
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.

Details of the tax credit include:

* The temporary credit is only available for
home purchases made from Jan. 1, 2009 to before
Dec. 1, 2009 and is equal to 10 percent of
the cost of the home, up to a maximum credit
of $8,000. (For example, a home purchased for
$80,000 or more would qualify for the full $8,000
credit while a $70,000 home would only qualify
for 10 percent, or $7,000)

*Buyers claim the credit on their federal tax return
to reduce their tax liability. If the credit is
more than their total tax liability that year, the
buyer will get a refund check for the balance.

*Only first-time homebuyers can take advantage
of the tax credit. A first-time buyer is defined
under the tax credit as an individual who has
not owned a home in the last three years.
For married joint filers, both must
meet the first-time
homebuyer test
to take the credit
on a joint return.

*Eligible properties include anything that will be
used as a principal single-family residence—including
condos and townhouses.

*There are income guidelines on the credit. Individuals
with an adjusted gross income up to
$75,000 (or $150,000 if filing jointly) are eligible
for the full tax credit. The credit is phased
down for those earning more and is not available
for those with an income above $95,000
(or $170,000 if filing jointly).

*The new tax credit does not have to be repaid
if the buyer stays in the home at least three
years. But if the home is sold before that, the
entire amount of the credit is recaptured on
the sale.

*People who purchased homes under the 2008
$7,500 tax credit program will still be required
to repay that credit to the government over a
15-year period.

Consult with your tax advisor to learn more about the tax credit