An Extension Could Mean More Jobs and Stronger Economic Stabilization
Home builders, finally seeing positive movement in the housing market, are fighting to extend the $8,000 first-time home buyer tax credit for an additional year. As members of Congress return home for the August congressional recess, the National Association of Home Builders is urging its more than 200,000 members to contact their lawmakers, asking them to help create more jobs and set the stage for a strong recovery by extending the credit program.
"If Congress acts to extend the tax credit program, it would spur 383,000 additional home sales, including 80,000 housing starts, creating nearly 350,000 jobs over the coming year." said the NAHB Chairman Joe Robson. "That's good for the economy and good for America."
Mark Zandi, the chief economist at Moody's Economy.com, says a healthy housing market is one of the leading indicators for an economic recovery. A secure real estate market is a necessary condition for rebound. The financial system can not stabilize, nor can the economy gain traction until the housing down turn comes to an end, according the Zandi.
The NAHB recently agreed to launch a major grassroots campaign to focus congressional attention on housing "in order to ensure that the first flickering of recovery in the housing market and economy isn't extinguished". According to the new campaign, housing equals jobs.
There has been proven boost in the housing market over the past months, with the July housing market index climbed to the highest level it has been in nearly a year. The NAHB believes this extension is necessary for continued real estate growth and housing rebound throughout the country.
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