The 88th General Assembly
has convened the 2012 fiscal session

Friday, August 10, 2007

Housing slump affecting Arkansas?

Here's a stateline.org article warning of a dip in finances for state governments across the country due to falling home sales, higher energy prices and skimpier sales tax collections. Here's a link to the official Arkansas forecast for General Revenue for distribution for FY2008. Gross receipts collections, which include revenue from sales and use taxes, are expected to decline in part because of the recent tax cut in food and food ingredients. The stateline.org article cited above includes a graphic showing Arkansas as 2nd behind Wyoming in terms of existing home sales between the first quarters of 2006 and 2007(increase of 8.8%). However, here are more recent articles on the Arkansas housing market, both of which conflict with the stateline.org report:

Benton County Daily Record: Realtors’ report: Home sales continue decline
Ft. Smith SW Times Record: Home prices creep back up