An effective measure to stimulate the housing market is the extension and expansion of the homebuyer tax credit. This would bring consumers back to the market, reduce inventories of unsold homes, and stabilize home values. And, most importantly, it will create hundreds of thousands of desperately-needed jobs. NAHB supports action to:
- Extend the credit for home purchases through November 30, 2010;
- Expand the credit to all buyers of a principal residence;
- Maintain the current $8,000 maximum credit amount.
In the first year, NAHB estimates that an extended and expanded homebuyer tax credit will:
- Create more than 350,000 jobs;
- Increases home purchases by 383,000;
- Increases housing starts by 82,000;
- Generate $16.1 billion in wages and salaries and $12.1 billion in business income; and
- Yield tax revenues of $8.4 billion for the federal government and $3.2 billion for state and local governments.
www.capitolconnect.com/builderlink or call 1-866-924-6242 (NAHB)