08.10.2008 - US developers sell off land on the cheap
From Property Wire: Property developers in the US are starting to sell land cheaply and reap tax benefits from selling at a loss, it has been revealed. Analysts expect these tax motivated sales to increase as builders try to survive the worst housing crisis in US history. They are expected to sell off swathes of land in remoter areas and concentrate on smaller developments close to urban areas where property prices are expected to recover first. Tax law allows companies to apply losses from land and other asset sales to past profits and reap a tax refund. More sales are expected soon because the companies can apply losses only to profits earned as far back as two years and 2006 was the last profitable full year for most builders..... Full Article: Source
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