February 17, 2009
Christy and Garth Gillespie, the “Jackson Hole Experts” have reviewed the Stimulis Bill and Treasury announcements made last week and being signed today and here are our thoughts.
We were in support for a $15,000 tax credit but that was defeated. We are very excited to report much of what the National Association of REALTORS campaigned for was introduced and kept into the bill and are equally excited to see the already established tax breaks stay in effect.
So here’s what is part of the package: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000, 3) the bill has over $50 billion in it for foreclosure mitigation, 4) Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, the Government preserved what we have – mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion).
We also reviewed where the $727 billion dollar stimulus package was being spent – unfortunately NOT in Teton County, Wyoming or Idaho….
We will continue to update the benefits of the Stimulus Bill as more details are released. For more information on the Jackson Hole Real Estate market please feel free to contact us at 307-739-8056 or send us an email to gillespie@NUMBER1EXPERT.com.