It should come as no surprise that builders are urging (urging is putting it lightly) Congress to extend the tax credit that has helped first time home buyers get into a new home in 2009. What currently is being proposed is that Congress extend the home buyer tax credit through November 2010 and make it available to ALL buyers of main residences. That ALL part is the key. What if every home buyer could receive a tax credit when buying a home - Think that would get some people excited about moving into a new home? The answer is yes. If you look at how important the "Cash for Clunkers" deal has been to the car industry then you can now see how important this could be for the real estate and building industry. It could jump start the housing market and create jobs! Don't just take our word for it - read some of the specifics from the latest NAHB information:
“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 NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “That’s good for the economy and good for America.”
NAHB also does a great job laying out the other issues that need to be addressed with local and federal law makers regarding the housing industry:
- Correct a faulty appraisal process. The inappropriate use of distressed and foreclosed sales as comps in determining home values is hurting home values and killing home sales.
- Improve housing credit conditions. Since there can be no meaningful economic recovery until the flow of credit is restored to housing, NAHB is calling on Congress to urge regulators and the banking industry to end the stranglehold on acquisition, development and construction (AD&C) loans that has emerged as a major impediment to the housing recovery.
Biltmore Homes is glad that we are part of an industry with such strong leadership and support but it is up to all of us as builders, real estate agents and even home owners to contact our government leadership and let them know that fixing the housing market should be a top priority!
Contact Biltmore Homes if you need any additional information or want to learn more on how to take advantage of the current first time home buyers tax credit or great home pricing.
Built For Life!
- Team Biltmore
