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2009 WILL BE AN EXCELLENT YEAR
To Buy or Refinance a Home
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The median home price nationally has fallen 20% since the housing market’s peak in July 2006, according to the National Association of Realtors. That’s especially good news for first-time home buyers or anyone who doesn’t have to sell a home before they buy, as well as patient buyers who can handle the time consuming process of buying a distressed property. In mid-December, the 30-year fixed rate fell to 5.17%, according to Freddie Mac.
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Mortgage money hasn’t been this cheap in nearly 40 years. Buyers who are having trouble coming up with a 10% to 20% down payment or who have dings in their credit record may be able to get Federal Housing Administration financing with as little as 3.5% down. And there may be help for people already in their homes.
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Borrowers facing a reset on adjustable mortgages may get relief, since key indexes have dropped. And for those teetering near foreclosure, the Federal government will help more distressed homeowners keep their homes.
Lower Prices For Consumers
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Helped by a drop in grain and feed prices that will hold down the cost of meat, poultry, eggs and milk, groceries will rise about 2% -- a far cry from the 7% increase in 2008.
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And if stores aren't slashing prices on things, as they are televisions, GPS devices and small appliances, they're adding value. Since computer prices, for example, have been ground down for a while, retailers are trying to boost sales by adding memory or other features for free.
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There are rare bargains in luxury goods, especially clothing, and shoes.
Costs for Medical Procedures Will Drop
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Your kids need braces? Thinking about getting a nose job or other optional surgery? With many Americans avoiding even necessary medical care (cutting back on prescriptions, skipping doctor visits and the like), it's no surprise that doctors who offer services not usually covered by insurance are suffering.
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Dr. Raymond George, president of the American Association of Orthodontists, says this is the worst he has seen business in 40 years. That will make haggling over price and stretching out payments easier and more common.
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LASIK eye surgeries are down 40%, and many eye centers are knocking 25% off.
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Plastic surgery procedures can be 10%-25% off -- not to mention specials, such as adding a free antiwrinkle shot or laser treatment to your planned surgery.
The Debt Binge Is Over
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Let's face it, Wall Street wasn't the only one to go a little nuts with money that wasn't theirs. Americans developed a serious bad habit of living beyond their means and jacking up their debt to do so.
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Out of sheer necessity and fear, many Americans have started cutting debt and actually setting money aside -- after 15 years of a declining national savings rate that nearly reached zero. T. Rowe Price economist Alan Levenson estimates that personal savings jumped two percentage points in the fourth quarter and will rise another two points in 2009.
More Tax Cuts Are Coming
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Most of us won't see much in raises from our employers, but take-home pay for many may go up some. The reason: Tax cuts of some sort are likely to be part of a coming stimulus package.
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A leading proposal is a payroll tax holiday that would suspend some Social Security (FICA) payments for individuals and perhaps employers. It would be aimed at lower- and middle-income workers, so those on the higher end of the salary scale would see just part of their pay shielded.
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For those of you who earned too much to qualify for tax rebates in early 2008 but saw your income drop during the year, you'll get another crack at it when you file your 2008 returns.
Plenty to Make Retirees Smile
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Social Security beneficiaries get a 5.8% cost-of-living increase in 2009, the largest in more than 25 years, boosting the average monthly retirement benefit from $1,090 to $1,153.
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Almost as good for seniors, for the first time since 2000, the monthly Medicare Part B premium that is deducted from Social Security checks won’t rise. It stays at $96.40 (except for some higher-income seniors who pay a surcharge).
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And for those 70 1/2 or older who are lucky enough to not need to pull money from their IRAs or 401(k)s, they won't have to. The requirement to take an annual minimum distribution in 2009 is being waived to give investments a chance to recover.
Relief for the College-Bound and Their Parents
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Last spring, families feared that the credit crunch would make it impossible to find a lender for their federal student loans for the 2008/09 academic year. Thanks to legislation that ensured financing for the loans, most students were able to get the money in time for fall classes.
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Congress has since extended the legislation to keep federal money flowing in the 2009/10 academic year. That should help families who need to supplement their college savings.
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Because they carry low fixed rates and flexible repayment terms, federal student loans constitute the best deals going when it comes to borrowing for college.
There’s Relief at the Pump And on the Lot
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The average price of gasoline will be lower in 2009 than it has been in four years. Although prices will creep up from verages below $1.70 a gallon now and peak during the summer driving season, there will be no breathtaking surges like those in 2008. The national average should top out around $2.15 a gallon and average about two bucks for the year versus $3.25 for 2008.
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Cars should be cheaper than this year, too. Dealers and manufacturers are desperate to make sales.
It’s a Good Time to Travel
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Hotels are having to drop prices or at least restrain increases for the first time in years. Many are tossing in free breakfasts and fitness center use.
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Cruise lines and resorts are offering big discount packages, too.
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The combination of poor business and lower fuel prices will make flying a little cheaper. Book far ahead -- most airlines are cutting back flights, so seats may be scarce.
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Going abroad? The dollar recovered for a bit but slumped again, making most of Europe pretty pricey. But Britain's pound has taken a drubbing, too.
Health Care Reform
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After decades of stalemate, this may be the year that the logjam breaks. The idea of tackling a high-cost item such as health care in the midst of a nasty recession may seem preposterous, but the economic crisis may actually be the necessary spark for bipartisan cooperation.
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The argument that genuine recovery won't be possible if the United States doesn't find a way to restrain health care costs is beginning to take hold.
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Also beginning to take hold is a fear that health care will keep American workers and businesses at a disadvantage globally, since most other industrialized countries have a better handle on high costs.
LETS ALL HOPE THE ECONOMIC CLIMATE FOR 2010 WILL IMPROVE ...............
The “What Ifs” of an Economic Downturn
The Internal Revenue Service recognizes that many people may be having difficult times financially. There can be a tax impact to events such as job loss, home foreclosure and short sales or tapping a retirement fund. If your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit.
If you believe you may have trouble paying your tax bill contact the IRS immediately. There are steps to help ease the burden. You also should file a tax return even if you are unable to pay so you can avoid additional penalties. READ FULL SUGGESTIONS FROM OUR FRIENDLY IRS
CHRIS SAYS Some interesting statistics
Sales: While sales are soft they are still increasing. A small price recovery is expected by the fourth quarter of 2009. Affordability is better now than it was in 2006. The inventory of existing homes is going down. (This is a key factor in price. As inventory declines, price goes up.)
Housing: Markets Nationally
Sales of Existing Homes.
National Down 29% as of September 2008 from September 2005 peak.
National Up 1.4% 12 month from September 2007 and ending in September 2008.
Prices of Existing Homes.
Median National Down 17% as of July 2008 from July 2006 peak.
Median National Down 9% 12 month from September 2007 and ending September 2008.
Sales of New Single Family Homes.
National Down 65 % as of September 2008 from March 2005 peak.
National Down 34 % for 12 month from August 2007 and ending August 2008.
Current Factors Impacting Market.
Traffic, Prices, Incentives, Foreclosures, Overdue Mortgages.
Upside Down Mortgages.
2006 at 4%
2007 at 6%
2008 at 16%
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| [ SUSAN TAYLOR MARTIN | Times] |
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Real estate investor Mark Lepzinski bought this Madeira Beach duplex in 2004 for about $153,000 and sold it months later for $409,900. |
Market leaves housing flippers flopping
Susan Taylor Martin, St Petersburg Times senior correspondent, July 6, 2008
At the peak of the real estate boom, they inspired TV shows, how-to Web sites and the envy of friends and neighbors.
Then the tumbling economy snagged "house flippers'' like Mark Lepzinski of Clearwater.
After 36 whirlwind months buying and selling dozens of homes throughout the Tampa Bay area, Lepzinski, 50, declared bankruptcy this year. Debts: $1.55-million. READ THE STORY
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