Tax collections up in Mass, Mortgage rates at all time low
We are experiencing a slight bump up in tax revenue here in Mass in November.... 33 million over the same time period last year. Before you run into the streets, keep in mind, in this current fiscal year, we are still down 369 million and may go higher in January when we stop buying for the holidays.
And if there is anyone looking to buy a house now....the rate 4.71% is the lowest since 1971. This rate reduction is the feds way of trying to keep the housing market going. Great idea...
Now if they can only help the millions who may loose their home starting Jan 1 of 2010.
posted by Jim Pillsbury @ 1:53 PM
9 Comments
9 Comments:
Nice to see some good news, even when it is accompanied but a reality check on the bad news side. You are right, nice to see mortgage rates come down, but that does not do much to help someone in an upside down mortgage at a higher rate. You can not refinance to the lower rate if you owe more on your house than it is worth and have an income level that would not support the mortgage payment. I applaud the lower rates, but I do wish we would do more to get people who are out of work back to work. Lower interest rates does not help those people. I think you would sell more houses by employing more people than you will be lowering the rates. Rate lowering still caters to those that have, not those that have not. Think about it? It is another way to help the rich, they can buy more property at much lower rates, and for the most part, the property they are buying at these lower interest rates are homes that other people lost because they lost their jobs. It all depends on how you report the facts. Truth is lower interest rates helps the rich way more than it helps the poor. In this economy, if you are a family of 2 making more than $70,000 a year, you are among the rich. Jim, do you agree?
CV... couldn't agree more..
I hate to say this, but I agree with you Jim. Ha, ha, if you only knew who it was saying this. Anyway, like what I see you doing here, and hope that you continue to educate and share what you know. Looking forward to the election in the fall. I think you may acutally give her a run for her money this time around. Kepp up that good work.
It may be true that the lower interest rates help those who are stil employed, but I am one of the lucky ones who is still employed, and I have an adjustable rate mortgage, so I am happy to see this going down. I am upside down on my mortgage so I can not refinance even though I still have my job. If I had locked in the rate on my mortage, I would be screwed now. But they would not let me do that because I had lost my job and now have one paying less, so in there minds, that was a reason to turn me down for refinancing. Sort of glad they did that given the continued decrease in the mortgage rates. So some poor souls are benefiting from this, me being one of them.
How do they account for tax collections being up? Just seems weird to me. Any insight on that Jim?
I take these two things as good news, and the falling unemployment rate as good news. Of course, I am still out of a job, as are many people I know, but I can not let the negativity get me, I have got to try and keep a positive spin on things. So I am going to try and refinance my home to the lower interest rate which would really save us some money. But with just my wife's income to base this on, I think they will turn us down. But what the heck, worth a try. Thanks for the heads up about the lower rate Pillsbury.
Don't tell anyone Annon.... it'll be our secret.
Doreen.. how true that is for many of us... two of mine have gone down and will continue it looks like. It's not hundreds lower.. .but at this point, anything is better then going up.
Good luck B Murray... if not this year, maybe next.
Anderson,
My guess is that those with a spare buck or two took advantage of the retailers dropping prices at the end on November. And with the increase in sales tax, anything we bought last year, is more this year, which translate to more revenue.
If I had only gone to college and became an economists, I'd have a job today.
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