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Fed Tax Credit Jumpstarts Homebuying

By Susan Barnett


Hudson Valley, NY –
We've been watching the housing statistics as the country settles into the recession...and the numbers have been steadily declining. Hudson Valley bureau chief Susan Barnett reports that programs from Washington are putting some air back into what's been a pretty flat market, but are also making sales prices look discouraging.

The New York Times reported over the weekend that New York City buyers are trickling back up to the Hudson Valley to buy homes. New numbers from the New York State multiple listing service show first time home sales are up. The New York State Association of Realtors is seeing that too. Spokesman Sal Privadera thinks that's the reason it looks like median prices are still dropping.

The median price drop is almost sickening in two Hudson Valley counties...in Dutchess, with the average price in June two years ago at about 410 thousand dollars...and this year at 297 thousand. But the trend is up for sales.

The first time home buyer jump is, according to people in the industry, all about the federal program offering a tax credit. Joyce Beymer is a broker at Coldwell Banker village Green Realty, and also head of the Woodstock Chamber of Commerce. She says interest in the town's million dollar plus homes is up, and business is starting to stabilize on main street.