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

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.