Enhance tax credit to help economy builders say

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The National Association of Home Builders are seeking enhancements to the current $7500 first time home buyer's tax credit.

In the news release asking Congress to fix housing first, the home building association offered the following suggestions:

• All primary home purchases between April 9, 2008 and Dec. 31, 2009 would be eligible.
• The credit amount would be increased to 10 percent of the price of the home, capped at 3.5 percent of FHA loan limits, bringing the credit to a range of roughly between $10,000 and $22,000.
• The current recapture provision would be eliminated. Repayment would only be required if the home were sold within three years.
• The credit would be available at the time of closing, making it easier to be used as a down payment.

According to the Association, "restoring demand for housing is the fastest and most effective way of reviving the economy."

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In a recent news release The National Association of home Builders expressed confidence that the recently passed $7500 tax credit will bring first time home buyers into the market which they believe will strengthen the housing industry and reduce the over supply of inventory.


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According to the latest National Association of Home Builders press release, builder confidence in the real estate market continues to fall.

NAHB President Sandy Dunn stated, “The worsening housing slump and the near-meltdown in financial markets last week makes it even more urgent for Congress to complete action on the housing bill now, a move that will help stabilize and restore confidence in housing and the U.S. economy.”

A portion of the housing bill calls for a tax credit of up to $8000 which the builder association believes will attract buyers into the market place.

Builder Association press release


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- Greg Staker Watson Realty Corp. 407-304-0255

Home builder want tax credit for home buyers

From a NAHB press release dated June 5th:

H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of
2008, contains a provision that would provide a temporary, first-time home buyer
tax credit of $7,500 for the purchase of any home used as a principal residence
and closed on between April 9, 2008 and April 1, 2009.

Joe Robson, first vice president of NAHB states: “Policies that stimulate
home purchases in the immediate future can pay huge dividends and a temporary
home buyer tax credit provides the most bang for the buck.”


Read the complete press release.


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- Greg Staker - Watson Realty Corp. - 407-304-0255