Tuesday’s Must Reads

by Shilpi Paul

  • Condo shopping in Glover Park? — (Lock 7)
  • An investor in Trinidad is putting a fire-damaged row house up for auction just a month after buying it. — (Titan of Trinidad)
  • The couple who bought an $8 million condo in Chevy Chase in December are putting it back on the market. — (Washington Business Journal)
  • Median home prices are rising in 133 out of 152 markets. — (Wall Street Journal)
  • Furniture suitable for small apartments. — (Atlantic Cities)
  • Want the $5,000 homebuyer credit back? Sign this petition. — (Whitehouse.gov)

This article originally published at https://dc.urbanturf.com/articles/blog/tuesdays_must_reads1130/6644


  1. kevin said at 11:34 am on Tuesday February 12, 2013:

    As a DC resident and prospective homebuyer, I see no rational basis for why there should be a federal tax credit to buy in one of the strongest housing markets in the country.  Maybe this made sense in 1995, but not today. 

    I’m curious the argument in favor of the tax credit other than if the feds are stupid enough to give it to us, we would be happy to take it.

  1. Jason said at 5:01 pm on Tuesday February 12, 2013:

    Kevin, the DC First-time Homebuyer (Federal)Tax Credit has income restrictions, so it’s a nice, but small, incentive for younger buyers.

    If your MAGI is $70,000 or less ($110,000 or less if married filing jointly), you qualify for the full $5000 credit.
    If your MAGI is between $70,000 and $90,000 ($110,000 and $130,000 if married filing jointly), you qualify for a partial credit; the more you make, the less credit you receive.
    If your MAGI is over $90,000 ($130,000 if married filing jointly), you do not qualify for the credit.

  1. kevin said at 8:48 pm on Tuesday February 12, 2013:

    All well and good.  But, why single out DC.  Don’t cities like Cleveland, Detroit, Buffalo need more help with their housing markets?

    If its because DC is too expensive for working class people, why not expand the rax credit to San Francisco, NYC, LA, etc. 

    Furthermore, the economics is debatable.  The high cost of housing springs from an undersupply of housing in the city.  A $5,000 tax credit will just push prices up, since it doesn’t address the underlying reason for high prices.  Seems like building more “workforece” housing would be a better use of the tax credit money.

  1. kevin said at 8:49 pm on Tuesday February 12, 2013:

    workforece = workforce

Comments are closed.

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