All How-To Topics
The Daily Scoop
|
|
NAHB ratchets up call for housing stimulus
comments (0) December 12th, 2008 in Blogs
Richard Defendorf, contributor
no recommendations
Fix Housing First, the National Association of Home Builders’ coalition of housing advocates, has been at the forefront in calling for the government to implement housing stimulus measures that can be applied broadly and, if the coalition is correct, yield positive results relatively quickly.
The economic-recovery initiatives that the Treasury Department has aimed at the financial sector have met with mixed success. The package being pushed by Fix Housing First is intended to more directly address the housing-market problems that sent us down the road to perdition.
The proposal calls for major enhancements to the current $7,500 tax credit for first-time homebuyers, including increasing the credit to 10 percent of the price of the home, capped at 3.5 percent of Federal Housing Administration loan limits. That would bring the credit to a range of somewhere between $10,000 and $22,000, NAHB notes.
Perhaps just as significant, the Fix Housing First proposal calls for elimination of the tax-credit repayment requirement, which would mean borrowers could apply the tax credit to their down payment. Under the plan, primary-home purchases completed between April 9, 2008, and December 31, 2009, would be eligible.
Another component of the proposal includes an interest-rate buy-down by the government that would offer qualified homebuyers 30-year fixed-rate mortgages at 2.99 percent on contracts closed until June 30, 2009, and 3.99 percent on closings between June 30 and December 31, 2009.
While some economists have warned that such attempts to stimulate demand could push supply and demand out of synch and increase the time it will take for the market to find a bottom, it’s worth noting that, at this point, many of the hardest hit areas have in fact bottomed out, or are very close to doing so.
NAHB adds that the coalition has also announced its support for continuing foreclosure prevention measures to keep people in their homes, and plans to further highlight its housing stimulus proposals during a teleconference scheduled for 2 p.m. ET on December 17. Teleconference hosts will include NAHB’s president and CEO, Jerry Howard; Phil Hoffman of Hoffman Custom Built Homes; and Patrick Abercrombie of Lowe’s Cabinet and Lighting Gallery.
To participate in the teleconference, dial 1-800-860-2442 and ask for the “NAHB Fix Housing First” call.
posted in: Blogs, business
|
|
|
|
-
How to Paint Fiber-Cement Siding
Painter Jim Lacey shares some tips for caulking and painting fiber-cement siding. read more
|
|
About this blog
If you are looking for the latest building industry news, you've found the right Web site. The news we feature here is written by editors and trusted members of the Fine Homebuilding community on topics that matter most to your business. From code changes to lawsuits to matters of credibility, we'll let you know about the issues that affect your bottom line.
Comments (0)
You must be logged in to post comments. Click here to login.