Hardwood Lumber, Housing, & Timber Week in News
Weyrick Lumber Acquired by Pacific Coast Supply
Pacific Coast Supply, LLC has acquired the assets of Weyrick Lumber Company. According to Random Lengths, Weyrick Lumber will be operated in Templeton and Chino, Calif., as Weyrick Pacific. Colin Weyrick, President and owner of Weyrick Lumber be responsible for both Templeton and Chino.
Housing Start Update
According to the Census Bureau, privately-owned housing starts in January were at a seasonally adjusted annual rate of 591,000. This is 2.8 percent (±11.5%)* above the revised December estimate of 575,000 and is 21.1 percent (±12.3%) above the January 2009 rate of 488,000. Single-family housing starts in January were at a rate of 484,000; this is 1.5 percent (±11.3%)* above the revised December figure of 477,000. The January rate for units in buildings with five units or more was 100,000.
NAHB Encourages Home Buyers to Buy Homes Before Tax Credit Expires
The National Association of Home Builders (NAHB) is ecouraging potential home buyers to be act soon if they want to take advantage of the $8,000 first-time home buyer or $6,500 repeat buyer tax credits. Time is of the escence because the credits expire on April 30, 2010. “It’s not too late to take advantage of the home buyer tax credit,” quoted NAHB Chairman B. Jones on the NAHB web site. Mr. Jones is a builder and developer himself. “There are plenty of existing homes on the market, and even though the move-in ready newly constructed homes inventory has dwindled, builders may still be able finish a home in time.”
It is important to remember that the IRS provides an additional two months beyond the deadline to close the deal. Buyers who sign a sales contract by the April 30 deadline are still eligible if they close the sale of the home by June 30, 2010. More people than ever before are eligible for a home buyer tax credit, according to NAHB estimates that close to 70 percent of all potential buyers should qualify for some form of a credit.“First-time” buyers don’t have to be buying their first home ever; they are defined by the IRS as those who have not owned a principal residence in the past three years. Repeat buyers may qualify for a $6,500 credit, as long as they have owned and lived in their current home at least five consecutive out of the past eight years. The current credits also increase the income limits, enabling single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 to potentially qualify for a full credit. For more information visit NAHB’s Web site at www.federalhousingtaxcredit.com.