Last month, another happy homeowner became part of the Meridian Ridge neighborhood, moving into our Exeter Colony Quick Delivery Home!! We have many more beautiful building sites available and waiting for you. Give us a call so we can help you plan for your own, new custom home, complete with all the great energy-saving and design features that can’t be found in used housing, but can only be found in a new home!
Mortgage interest rates continued to drift downward last week for the fifth consecutive week, reaching new record lows. This is good news for prospective home buyers. So far this year, interest rates on 30-year and 15-year fixed rate mortgages have averaged one percentage point below their respective averages in 2008.
“Low mortgage rates and the cumulative decline in house prices have contributed to an extremely affordable housing market and helped spur home sales this year,” said Frank Nothaft, Freddie Mac’s chief economist. “For instance,” he said, “total new and existing home sales in October were 36% higher than their January low on a seasonally adjusted, annualized rate, according to the U.S. Census Bureau and the National Association of Realtors (NAR). The NAR also reported that pending existing home sales rose for the ninth straight month in October, representing the longest consecutive gain since the series began in 2001.”
Sales of new single-family homes in October were at a seasonally adjusted annual rate of 430,000, which was 6.2% above the revised September rate of 405,000. Existing-home sales, including single-family, townhomes, condominiums and co-ops, surged 10.1% in October to a seasonally adjusted annual rate of 6.1 million, up from a downwardly revised pace of 5.54 million in September.
The housing market received what should prove to be a real boost when, earlier this month, Congress and the President extended the first-time home buyer tax credit that was set to expire on Nov. 30 into the spring and expanded it to include eligible move-up or repeat home buyers.
First-time home buyers will now be eligible for the tax credit if they sign a contract by April 30, 2010, and settle on their home no later than June 30. Likewise, move-up/repeat home buyers (existing home owners) who have lived in their primary residence for five of the last eight years will now be eligible for a tax credit of up to $6,500.
The tax credits are expected to boost new and existing home sales by 180,000, including sales of about 40,000 new homes and 26,000 in sales of vacant homes. These sales are also expected to generate more than 200,000 new jobs, primarily in residential construction and related fields but also through the jobs created by the ripple effect of the new construction jobs and the additional spending power of the tax credit recipients. While the boost will be temporary, this is just the medicine that housing needs at present.
November 17th, 2009 in
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America is still struggling through a recession. An economic recovery, however, will not be possible if Congress does not focus on reviving housing. The housing industry makes up nearly 15 percent of the country’s gross domestic product (GDP) and when it is healthy, it provides much needed jobs and revenue for America
When homes are built and communities are created, people spend dollars in the local market far into the future, including buying groceries and furniture, hiring housekeepers and landscapers, and spending money on local entertainment and in area restaurants.
Nationally, according to estimates from economists at the National Association of Home Builders, three full-time jobs are created for every new single-family home built. In a typical metro area, a healthy housing industry not only provides jobs, but brings revenue to the state and local economies.
In the first year, the impact of 100 newly-built single-family homes equates to:
- $21.1 million in local income
- $2.2 million in taxes and other revenue for local governments
- 324 local jobs
After the first year, the recurring benefits are:
- $3.1 million in local income
- $743,000 in taxes and other revenue for local governments
- 53 local jobs
You can make you voice heard by letting your members of Congress know that housing equals jobs, and to restore America, we must revive housing! Visit www.revivehousingnow.com to get started.
September 23rd, 2009 in
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The clock is ticking on the first-time home buyer tax credit, which expires on December 1, 2009. However, more time is needed to continue to stimulate housing, which will play a big role in fixing the national economy.
If Congress acts to extend the tax credit program, it would spur 383,000 additional home sales, including 80,000 housing starts down the road as additional sales help deplete the inventory of unsold homes. This stimulus will create nearly 350,000 jobs over the coming year. That’s good for the economy and good for America.
How You Can Help
Call your members of Congress today toll-free at 866-924-6242 and tell them to:
- Extend the deadline for the $8,000 tax credit through November 30, 2010; and
- Make it available to all home buyers.
Thank you for your help in letting Congress know that to restore America, we must revive housing.
August 20th, 2009 in
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WASHINGTON D.C., June 8, 2009 — Charter Residential Development, LLC of Brookfield, CT has been selected for the 2009 Brookfield Award in the Home Builders category by the U.S. Commerce Association (USCA).
Charter Residential Development, LLC is an affiliate of Charter Group, Inc., a custom home building company that has been creating distinctive residences in Western Connecticut since 1978. During this time, it has become one of the most successful and dynamic companies in the region, with hundreds of beautiful homes to its credit.
“To have been selected for this honor is a great achievement. We look forward to providing quality homes at a fair price in Western Connecticut for many years to come,” says Steve Rodgers, President, Charter Residential Develpment, LLC.
The USCA “Best of Local Business” Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community. The 2009 USCA Award Program focused on quality, not quantity.
U.S. Commerce Association (USCA) is a Washington D.C. based organization established to recognize the best of local businesses in their community. The organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Their mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.
August 12th, 2009 in
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Our Quick Delivery Home at 3 Meridian Ridge Drive is available for immediate occupancy! Give us a call at 203-775-4333 to arrange for your personal tour of this beautiful new home and of Meridian Ridge, Newtown’s best new home community!
We’ve just reduced the price on our Quick Delivery home, the Exeter Chateau, at 3 Meridian Ridge Drive in Newtown, CT to $700,000!! This is a spectacular deal on a gorgeous new home with many extra features. Call us at 203-775-4333 to arrange for a visit.
Nationwide housing starts and permits posted substantial gains in June as home builders responded to improved market conditions and the impending expiration of the first-time buyer tax credit, according to data just released by the U.S. Commerce Department. Commerce reported a 3.6 percent gain in overall housing starts to a seasonally adjusted annual rate of 582,000 units and an 8.7 percent gain in permit issuance to 563,000 units.
“Today’s report was in keeping with our forecasts for some glimmers of improvement on the single-family side in the second quarter, and also with the results of our latest builder surveys,” said NAHB Chief Economist David Crowe.
Single-family housing starts rose for a fourth consecutive month in June, posting a 14.4 percent gain to a seasonally adjusted annual rate of 470,000 units, while single-family permits rose for a third consecutive month, posting a 5.9 percent gain to 430,00 units. Regionally, housing starts were mixed, with the Northeast and Midwest posting big gains of 28.6 percent and 33.3 percent, respectively, and the South and West posting declines of 1.4 percent and 14.8 percent, respectively.
July 29th, 2009 in
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We’ll have the front door to our beautiful new home at 3 Meridian Ridge Drive, Newtown, CT open for you to stop by and take a tour this Sunday, August 2nd from 1:00 - 4:00 PM. Hope you can join us!
