Realtor.com®: Housing Boom Is Officially Back

Housing prices have returned to the “boom levels” of a decade ago, but this time around, the fast appreciation is being fueled by strong supply-and-demand dynamics rather than predatory lending practices, investor speculation, and too much construction, according to new realtor.com® data released Monday.

“As we compare today’s market dynamics to those of a decade ago, it’s important to remember rising prices didn’t cause the housing crash,” says realtor.com® Chief Economist Danielle Hale. “It was rising prices stoked by subprime and low-documentation mortgages, as well as people looking for short-term gains—versus today’s truer market vitality—that created the environment for the crash.”

The national median price for a home in 2016 was $236,000—2 percent higher than in pre-recession 2006—according to realtor.com®. Out of the country’s 50 largest housing markets, 31 have returned to their levels during the last housing bubble. Realtor.com® researchers finger Austin, Texas, as the city that has posted the largest increases in home prices—63 percent—over the past 10 years. Denver and Dallas have also seen some of the biggest gains, at 54 percent and 52 percent, respectively. On the other hand, three markets remained more than 20 percent below their 2006 highs: Las Vegas (25 percent below); Tucson, Ariz. (22 percent); and Riverside, Calif. (22 percent).

Source: realtor.com®

 MS Leading The Way To Economic Growth

First-Time Homebuyer Savings Accounts

Who Is It For?  Any Mississipian who has never purchased, owned, or partially owned a home in MS or any other state.

What Is It?  A savings account for first-time homebuyer that offers tax advantages for individuals up to $2,500 a year and up to $5,000 a year for couples.

Where Can A Buyer Create An Account?  Buyers can create an account at any financial institution licensed to do business in MS.  It can be a cash deposit account or money market account.

When Can A Buyer Create One?  Buyers can open an account and start saving today.  They can start taking a tax deduction beginning in the 2018 tax year.

Why Would A Buyer Want To Create One? When buyers are ready to buy a single family home, they will have money saved to help make the purchase.  Plus, money deposited in the account is deductible from state income, which lowers their tax bills. Interest earned on the deposits is also free from state income tax.

Visit  firsthomems.org  for more information.

 

Mississippi Ranked #2 In USA For Retirees!!  Here Are Some Fast Facts About Retiring In The Magnolia State
TAX-FRIENDLY
Mississippi offers a sweet income-tax deal for retirees. It not only exempts Social Security benefits from state income taxes, but it also excludes all qualified retirement income from state income taxes. Remaining income is taxed at a maximum 5%. Mississippi is home to some of the cheapest property taxes in the nation. Residential property is taxed at 10% of its assessed value, and seniors qualify for a homestead exemption on the first $75,000 of value.
STATE SALES TAX
7%. Prescription drugs, residential utilities, motor fuel, newspapers, health-care services, and payments made by Medicare and Medicaid are exempt. County and city taxes may add an additional 3% to the state rate.
INCOME-TAX RANGE
3% – 5%
EXEMPTIONS FOR RETIREMENT INCOME
Qualified retirement income is exempt from state income tax. Social Security is not taxed, regardless of total income. Retirement income from IRAs, 401s/403s, Keoghs, and qualified public and private pension plans is not taxable. Interest income from federal securities and obligations of Mississippi and its political subdivisions are all exempt.
PROPERTY TAXES
Property and automobiles are both subject to ad valorem taxes -- meaning that the tax is assessed in relationship to the value of the property. Single-family residential property is taxed at 10% of its assessed value. All other personal property is assessed at 15% of its value. Motor vehicles are taxed at 30% of their value. The state offers a homestead exemption to all eligible taxpayers. Eligible homeowners should apply with the tax assessor in the county where the home is located. This application must be filed between January 1 and April 1. The maximum exemption for regular homeowners is $300. For homeowners 65 years of age or totally disabled, there is an exemption on the first $75,000 of true value. You do not have to apply for homestead exemption each year. You should reapply if there were changes in your homestead status (marital, property, ownership, etc.).
INHERITANCE AND ESTATE TAXES
There is no inheritance tax and no estate tax.
Read more: http://kiplinger.com/tools/retiree_map/index.html?map=14&state_id=25&state=Mississippi&si=1#ixzz1SezYkfoe


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