Call to Action
Real Estate Professionals are keeping their fingers crossed that conditions in the housing market are stabilizing, marking the end of a slump that has reduced home building to its lowest level since 1940. However, we will soon be losing one of out most effective selling tools when the $8,000 federal housing tax credit expires later this year on Nov. 30. Despite recent gains, builders have reason to worry that business generated by entry-level buyers will sputter out once the credit is no longer available.
CONTACT YOUR MEMBERS OF CONGRESS TODAY TO ENCOURAGE THEM TO KEEP THE MOMENTUM GOING BY:
1) extending the tax credit for an additional year and
2)making it available to all home buyers
Bills are pending on both the House and Senate side of Congress that would facilitate the extension and the increase. These actions would spur more than 383,000 additional home sales, and generate the production of 80,000 more homes as the inventory of unsold homes is depleted. It would also provide the U.S. economy with what it needs most, creating nearly 350,000 jobs.
Housing is one of the few sectors that can quickly put America back to work. Restoring the health of the housing industry and the flow of credit needed by both home buyers and home builders is a crucial first step in leading the economy to higher ground.