Skip to main content

NAHB supports extension of $8,000 first-time homebuyer tax credit

Oct 06, 2009

The National Association of Home Builders (NAHB) has commended the White House for recognizing the success of the $8,000 first-time homebuyer tax credit and said that extending the program past its Dec. 1 expiration date will help to bolster the economy. “The tax credit has clearly had a positive effect on housing demand and in the job market,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “We stand ready to work with President Obama and the Congress to extend and enhance the tax credit to help reduce foreclosures and excess housing inventories, to stabilize home values and to push housing and the economy on a glide path to recovery.” NAHB estimates conservatively that approximately 200,000 additional home sales are attributable to the tax credit and that it has resulted in a net increase of 187,000 jobs. Extending the credit through Nov. 30, 2010 and making it available to all purchasers of a principal residence would result in an additional 383,000 home sales and generate 347,000 new jobs in the coming year. White House Press Secretary Robert Gibbs said yesterday that “there has been quite a bit of success” with the home buyer tax credit. He added that President Obama is considering extending the tax credit to strengthen the economy and create jobs. “Housing is the best opportunity to put this country back to work. Prompt congressional action on the tax credit is a crucial first step to shoring up the fragile housing recovery and leading the economy to higher ground,” said Robson. For more information, visit NAHB.org.
About the author
Published
Oct 06, 2009
CSBS Urges MLOs To Update License Registrations

NMLS updates that have taken effect prior to the Nov. 1 opening of the annual license renewal period include new a login process requiring users to update their username and password and establish account recovery details.

CFPB Finalizes New Rule Expanding Consumer Financial Data Privacy Rights

Financial institutions must deliver a consumer's financial data to another provider for free, upon the consumer's request

TD Bank Pleads Guilty To Enabling Money Laundering For Criminal Organizations

'TD Bank chose profits over compliance in order to keep its costs down,' said U.S. Attorney General Merrick Garland.

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

Oct 09, 2024
Wishing Regulations Away

What mortgage leaders want to see revised in the wake of Supreme Court undoing of government favoritism

False Moves, Real Consequences

Don’t let missteps mortgage your future