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[0:00] ..." Anthony -- double ABC news the economy uncertainty over the stimulus package. Winter weather unemployment and foreclosure activity all complying for another dismal month in January for home sales. The Warren group reports single family home sales were off 10% in January while sales prices plummeted 20%. From the same month a year ago. -- association of realtors maintained even though the market is down low mortgage rates and the new 8000 dollar federal tax credited shaking up the market. Spoke with a realtor Gary Rodgers and -- and he's also head of masters -- association of realtors."...
[1:52] ..." see that as maybe. Causing some sort of stimulus in in the market. "...
[1:59] ..." go back a little bit initially it is the help. To the housing market that the federal government had looked out and put it was this company 500 dollar tax credit which in essence but it"...
[2:58] ..." You know we absolutely are on my own market in a -- in the area 120 people through. -- house that was priced right -- Kind of the typical first time"...
[3:20] ..." Tell me about which -- seen in the market obviously we're seeing. According to your own figures are real drop off in the median prices compared to a year ago down"...
[4:08] ..." Gary now the inventory of residential properties in the market according to your stats are down about 20% compared this time last year. Are people taking their homes off the market if they don't want to sell that they at a reduced rate."...
[4:25] ..." it's actually very disappointing. That there are not more homes on the market. For buyers look at and so that is very cyclical type a process where. Again I have clients who would consider telling"...
[5:02] ..." there there's really no reason to put their current home on the market. "...
[5:06] ..." is WBZ business producer Michael Epstein stay with us for New England business reports weekday mornings at 38 past the hour. And weekday afternoons at 25 past the hour here on WBZ news radio 1030."...
[0:00]" This is Anthony -- double ABC news the economy uncertainty over the stimulus package. Winter weather unemployment and foreclosure activity all complying for another dismal month in January for home sales. The Warren group reports single family home sales were off 10% in January while sales prices plummeted 20%. From the same month a year ago. -- association of realtors maintained even though the market is down low mortgage rates and the new 8000 dollar federal tax credited shaking up the market. Spoke with a realtor Gary Rodgers and -- and he's also head of masters -- association of realtors."
[0:37]" The latest out definitely down. Which is not a tremendous surprise of the challenges that we've had. This tortured between the weather. The and shortness about the economy understanding and a lot of these statistics are from activity from two to three months ago was well. You know. Not sure what the government would come through it stimulus packages created I believe a lot of uncertainties and buyers mines. And there was general feeling is holding on all of it until they can see how things were going to. Be in -- February march. I've had several buyers say that to mean well you know let's wait till after present bombers and was she with the packages and so forth -- Some people it's not as direct about -- about their jobs but that in and direct concern about the economy as a whole maybe we should old model that. More recently though you know just the past two weeks we've had a big increase in the -- number of people at the open house's. Some of that is directly attributable to the 8000 -- first time tax credit."
[1:45]" In your released today and you're looking at so prices and rates and this tax credit as well. Tell me how you see that as maybe. Causing some sort of stimulus in in the market. "
[1:57]" Sure well -- historically let's go back a little bit initially it is the help. To the housing market that the federal government had looked out and put it was this company 500 dollar tax credit which in essence but it really credit it was a repayment. And zero percentile long that was basically repayable over fifteen years or -- 500 dollars a year. At tax time and so it that didn't stimulated many buyers as we had hoped it it's certainly. It was a positive thing but it didn't have. The effect. Fast forward to the latest package. They've updated that quite a bit substantially effective they've changed drastically. Went modular built below the surface. They did. -- a couple of it's such a thousand dollar tax credit but it is no longer a no interest on it is -- tax credit. And that will definitely put more money in -- pockets context."
[2:53]" Are you already hearing that some of prospective buyers talking about that possibility of using the tax credit."
[2:58]" You know we absolutely are on my own market in a -- in the area 120 people through. -- house that was priced right -- Kind of the typical first time buyer. To come home and out of the 28. I'm 23 were first time buyers. They had not been out looking that they just started --"
[3:20]" Tell me about which -- seen in the market obviously we're seeing. According to your own figures are real drop off in the median prices compared to a year ago down about 18%. And at 26% for condominiums also sales down about 12%. Did you see that this will continue for awhile or do you see sort of a glimmer of of a turn around here."
[3:41]" Short. I I I I see more activity which I think will translate to. More sales. Just the sheer number and increase of people that are coming out to open houses in the inquiry that we receive. Via whatever you know on the Internet and so forth but fast forwarding. I I do see more activity that I do. Believe that little. Change those figures. Maybe not drastically but I think for the positive over the next few months."
[4:08]" Gary now the inventory of residential properties in the market according to your stats are down about 20% compared this time last year. Are people taking their homes off the market if they don't want to sell that they at a reduced rate."
[4:21]" Well it. It it may be a portion of that but I think more it's actually very disappointing. That there are not more homes on the market. For buyers look at and so that is very cyclical type a process where. Again I have clients who would consider telling now even though the prices aren't what they would've gotten. 23 years ago they understand that they're okay -- that now they've they've. You know they don't see a quick turnaround but they also see the great opportunity to get the next -- maybe in the neighborhood they want besides home that they need whether their growing family our. Are downsizing whatever. So because -- that you know a lot of them if they don't see what they want out there there's really no reason to put their current home on the market. "
[5:06]" This is WBZ business producer Michael Epstein stay with us for New England business reports weekday mornings at 38 past the hour. And weekday afternoons at 25 past the hour here on WBZ news radio 1030."
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