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Tax credit fails to help in tight market

(source: Denver Business Journal)

“…Our market for homes priced at under $200,000 is already overheated; it doesn’t need a lot of tax breaks to encourage sales. … If current indications in the housing market continue, the lowerish market will have recovered in the next six months,” said Charles Roberts, broker-owner at the Your Castle Real Estate LLC residential real estate brokerage firm of Littleton. “We won’t need tax credits.”

As of Oct. 1, standard single-family houses priced at $85,000 and under had less than one month’s inventory, while homes priced at $85,000 to $135,000 had a 1.8-month supply, according to data from Your Castle and local home-sale data provider Metrolist Inc. Houses with price tags of $135,000 to $210,000 had a 2.9-month inventory.

The housing price range that needs stimulating is the $460,000-plus one, which has a 20-month inventory, brokers said…”

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