by Bill McBride on 10/27/2009 08:23:00 PM
Tuesday, October 27, 2009
A busy day ... here is a summary:
Income eligibility for first-time home buyers stays at $75,000 for individuals, and $150,000 for couples. For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples. There is a minimum 5 year residency requirement - in their current home - for move-up home buyers. The tax credit is the lesser of $7,290 or 10% of the purchase price. The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow) Expect bill to be signed by Friday, packaged with the unemployment benefit extension.
Boston Properties Inc. ... reported Tuesday ... that gross rents declined 17% when comparing what new tenants are paying with the rent that had been paid by old tenants occupying that space. ... The results follow similar releases Monday by SL Green Realty Corp. (SLG), one of New York's largest office landlords, and Liberty Property Trust (LRY), of Malvern, Pa., which owns 700 properties including offices and light manufacturing.Earlier I posted some interesting comments from the Liberty Property Trust conference call.
Click on graph for larger image in new window.
This graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indices (the Composite 20 was started in January 2000).
The Composite 10 index is off 32.5% from the peak, and up about 1.0% in August.
The Composite 20 index is off 31.3% from the peak, and up 1.0% in August.
Prices increased in 16 of the 20 Case-Shiller cities.
Posted by Bill McBride on 10/27/2009 08:23:00 PM