The Federal Reserve is likely to keep interest rates near zero when it ends its two-day meeting on Wednesday, say economic researchers. It is also predicted that the Fed will not slowdown its lending and bailout programs.
Peter Morici, professor of economics at the University of Maryland, says, “The Fed normally anticipates the recovery by raising rates, taking away the punch bowl just as the party gets interesting. But this is not a normal recovery. It’s tepid and weak.”
Source: CNNMoney.com, David Goldman (09/21/2009)
© Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
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Housing starts rose 1.5 percent in August to an annualized rate of 598,000, led by a 25 percent increase in apartment construction, the U.S. Commerce Department announced Thursday.
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Washington is being forced to take a hard look at the expiring $8,000 first-time homebuyer tax credit.
Nearly a dozen bills have been proposed to extend the credit past the Nov. 30 deadline, but the top decision makers are just beginning to weigh in.
On Thursday, Senate Majority Leader Harry Reid endorsed a six-month extension. Treasury Secretary Timothy Geithner said Thursday that he hasn’t made a decision yet. And the White House economic team says it will make a recommendation to President Barack Obama by the end of Friday.
Extending the credit is a tough sell in some corners because so far the credit has cost an estimated $15 billion, twice what was projected last February.
Source: The Associated Press, Adrian Sainz (09/17/2009)
© Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
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