Builders Applaud Congress on Extending Home Buyer Tax Credit

[Eieio]

NAHB News Release

HousingZone
Washington, D.C., Nov. 5 — The National Association of Home Builders (NAHB) today applauded Congress for passing legislation that will extend and expand the $8,000 first-time home buyer tax credit, stating that this will provide a much-needed boost to the fragile housing market and economy.

"We commend lawmakers for acting in a bipartisan manner to extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "The tax credit has proven to be a powerful economic incentive. Today's action by Congress will further stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices."

Link to full story:http://www.housingzone.com/probuilder/article/CA6705816.html

[Eieio]

I can't speak for anywhere else but we have seen very positive effects locally from the home buyers tax credit..

Sales of homes have risen and lots younger buyers are purchasing homes that are leading to more remodeling work.

The foreclosures are being bought and remodeled and that is also helping to raise or level off the price of homes..

I hope the trend continues and more first time buyers continue to purchase and repair the homes..

We need to get the foreclosures as we can off the market and house prices stabilized to complete this turn around

[framer55]

I personnaly hate the concept, but saying that, in these times it looks like the extra help is useful for the economy.
No one helped me buy a house much less the gov.. :thumbsdown: