While our Condo expert, M. Anthony Carr, might be singing the praises of condos in such areas as Las Vegas (who saw an 18% jump year over year for July) and New York City, the condo market itself has seen some hard times this year.

According to the National Association of Home Builders, builder confidence in the market for condominiums continued to fall in the 2nd quarter of 2008.

"Like the market for single-family homes, the housing slump and the recent turmoil in the financial markets are also distressing the condo market," said NAHB Chief Economist David Seiders. "The hope now is that the housing stimulus bill signed into law last week by the President will support a much-needed turnaround in all sectors of the housing market, including condos."  

The milestone legislation is expected to bring a substantial boost to the housing industry in the form of a temporary tax credit for first-time home and condo buyers, as well as much-needed measures that will improve mortgage liquidity, foster refinancing of troubled loans and expand the supply of affordable rental housing. The newly enacted legislation will offer first-time home and condo buyers a tax credit of up to $7,500 for purchases made from April 9, 2008 to July 1, 2009.

Check back next week to Realty Times for a more extensive report on the new legislation.

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Published: August 15, 2008

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