From Realty Times:
"Buyer are still hesitating on whether to enter to market, but the National Association of Realtors estimates "the impact of the stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package."
I know the NAR's mission is to be cheerleaders for the real estate industry, but to say that the Federal Spending Spree aka: Stimulus will have anything but a negative impact on home sales is just plain dishonest. First of all, most of that money wont be spent until 2010 at the earliest. Second, the NAR needs to show specifically where in that spending is anything that can be shown to have a direct positive impact on home sales. Additionally, the unprecedented borrowing and printing of money that is coming will cause rampant inflation and drive up interest rates.
The current historically low interest rates should have already spurred home sales, but the paralyzing negative rhetoric coming out of Washington, along with the promise of higher income and energy taxes is enveloping the market in fear. Did the NAR miss the proposal to limit itemized deductions, especially on mortgage interest?
Having said that, I still believe now is the time to buy and borrow at fixed rates.
Tuesday, March 3, 2009
Personal and Economic Freedom Index
The Mercatus Center at George Mason University has produced its index of Personal and Economic Freedom in the Fifty States:
"We find that the freest states in the country are New Hampshire, Colorado, and South Dakota, which together achieve a virtual tie for first place. All three states feature low taxes and government spending and middling levels of regulation and paternalism. New York is the least free by a considerable margin, followed by New Jersey, Rhode Island, California and Maryland. On personal freedom alone, Alaska is the clear winner, while Maryland brings up the rear. As for freedom in the different regions of the country, the Mountain and West North Central regions are the freest overall while the Middle Atlantic lags far behind on both economic and personal freedom. Regression analysis demonstrates that states enjoying more economic and personal freedom tend to attract substantially higher rates of internal net migration."
Now the Imperial Federal Government is attempting to nationalize the failed policies of these states, leaving the productive with no place to go - in this country at least.
"We find that the freest states in the country are New Hampshire, Colorado, and South Dakota, which together achieve a virtual tie for first place. All three states feature low taxes and government spending and middling levels of regulation and paternalism. New York is the least free by a considerable margin, followed by New Jersey, Rhode Island, California and Maryland. On personal freedom alone, Alaska is the clear winner, while Maryland brings up the rear. As for freedom in the different regions of the country, the Mountain and West North Central regions are the freest overall while the Middle Atlantic lags far behind on both economic and personal freedom. Regression analysis demonstrates that states enjoying more economic and personal freedom tend to attract substantially higher rates of internal net migration."
Now the Imperial Federal Government is attempting to nationalize the failed policies of these states, leaving the productive with no place to go - in this country at least.
Upper-Income Taxpayers Look for Ways to Sidestep Obama Tax-Hikes
From ABC
President Barack Obama's tax proposal – which promises to increase taxes for those families with incomes of $250,000 or more -- has some Americans brainstorming ways to decrease their pay, even if it's just by a dollar. "
This isn't really news. What is interesting is the poll ABC attaches to this article, which asks: VOTE: IS IT FAIR TO REDUCE YOUR SALARY TO AVOID TAXES?
Fortunately, most answered yes. But I want to know why they even asked the question. Is the phrase "From each according to his ability, to each according to his need" now an American ideal? Is it now considered "unfair" not to produce just as much so more of it can be taken by force and given to others? Collectivism doesn't just want your money, but your life. It's slavery, period. Atlas Shrugged is becoming more relevant by the day.
"I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine." - John Galt
"Anyone may arrange his affairs so that his taxes shall be as low aspossible; he is not bound to choose that pattern which best pays thetreasury. There is not even a patriotic duty to increase one's taxes.Over and over again the Courts have said that there is nothing sinisterin so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands." - Judge Learned Hand
President Barack Obama's tax proposal – which promises to increase taxes for those families with incomes of $250,000 or more -- has some Americans brainstorming ways to decrease their pay, even if it's just by a dollar. "
This isn't really news. What is interesting is the poll ABC attaches to this article, which asks: VOTE: IS IT FAIR TO REDUCE YOUR SALARY TO AVOID TAXES?
Fortunately, most answered yes. But I want to know why they even asked the question. Is the phrase "From each according to his ability, to each according to his need" now an American ideal? Is it now considered "unfair" not to produce just as much so more of it can be taken by force and given to others? Collectivism doesn't just want your money, but your life. It's slavery, period. Atlas Shrugged is becoming more relevant by the day.
"I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine." - John Galt
"Anyone may arrange his affairs so that his taxes shall be as low aspossible; he is not bound to choose that pattern which best pays thetreasury. There is not even a patriotic duty to increase one's taxes.Over and over again the Courts have said that there is nothing sinisterin so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands." - Judge Learned Hand
Good Bye Detroit
DETROIT — "It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card.The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service..."
"...If the Obama administration is looking for a city to test new ideas for chronic urban problems, it can look to Detroit, a northern New Orleans without the French Quarter. "
Test new ideas? Detroit and New Orleans have been implementing Obama's old far left ideas for decades and this is the result. The same thing is happening on a statewide level in New York and California. The people paying the bills are stampeding for the exits in those places too. Obama wants to extend this equality in poverty philosophy to the whole country. Eastern Europe is starting to look more attractive by the day. How ironic is that?
"...If the Obama administration is looking for a city to test new ideas for chronic urban problems, it can look to Detroit, a northern New Orleans without the French Quarter. "
Test new ideas? Detroit and New Orleans have been implementing Obama's old far left ideas for decades and this is the result. The same thing is happening on a statewide level in New York and California. The people paying the bills are stampeding for the exits in those places too. Obama wants to extend this equality in poverty philosophy to the whole country. Eastern Europe is starting to look more attractive by the day. How ironic is that?
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