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Real Estate Outlook: What's in Store for 2009?
What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.
Study Says Land Transfer Tax Unfair and Wasteful
The City of Toronto's Land Transfer Tax (LTT), introduced last year, "has had punishing effects on the Toronto housing market, reducing transactions and lowering average prices," says a study by the C.D. Howe Institute. It also says that there's no advantage to using an LTT instead of simply raising property taxes, but there is plenty of downside to this type of tax.
Long-Term Rates Fall for Ninth Consecutive Week, Setting Another New Low
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with an average 0.7 point for the week ending December 31, 2008, down from last week when it averaged 5.14 percent. Last year at this time, the 30-year FRM averaged 6.07 percent. The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.
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