Posted: Sep 27, 2011 5:47 PM by Melissa Hawkes
Updated: Sep 27, 2011 5:47 PM
Are you waiting for the economy to pick up before buying a house? If so, you aren't alone. For the first time in 50 years, the lowest number of Americans purchased new homes in the most recent six month ratings period.
Realtors said the Lafayette real estate market is down but still better than the national trend. However, new federal and state policies could turn potential home-buyers away.
Realtor Paula Duncan said new federal regulations could possibly require home buyers to pay twenty percent of the bill up front.
Right now, it's just 3.5 percent with Federal Housing Authority, but 20 percent is a lot. Sometimes it'd take people years to save twenty percent to put down on a house.
Another issue could prevent many people from getting a major federal income tax break called a Mortgage Interest Deduction. It's something many home owners count on every year to help pay off their homes.
Homeowner, Gilda Thomas, said "it's our biggest deduction when we file our taxes. The tax break helps us a lot, and we'd hate to see that changed by the federal government."
Also, on the state level a new real estate transfer tax will be on the November ballot.
Carole Horn with the Louisiana Realtors Association said, "you would pay your property tax like you always pay plus you would pay a new tax. "
Realtors say the tax would make it much harder for people to buy or sell their homes.
You can visit http://www.staytaxfree.com/ to find out more.