We have been seeing encouraging signs that the housing market and the U.S. economy are beginning to stabilize, but it’s far too early to celebrate. Locally I have been told that 60 percent of today’s home sales are to first time home buyers as a direct result of the $8,000 tax credit. Unfortunately that credit expires November 30th leaving the housing market with an uncertain outlook.
Unemployment is expected to continue rising. The best forecast economists have to offer is that the economy will stop contracting; but it will be a long, slow crawl back to health following the most devastating recession since World War II.
Housing is the best opportunity for putting this country back to work. We urge Congress to extend today’s $8,000 tax credit for first-time home buyers for another year and making it available to all buyers.
Home construction is a powerful economic engine. Already the 2,455 permits issued in the nine-county Central Indiana area have created $421 million in local revenue, $40 million in local taxes and 6,432 jobs.
One of the best things that Congress can do to restore a full-fledged recovery is to work to restore the health of the housing industry.
For more information and to join the coalition of housing industry professionals calling for a renewal of the tax credit, go online to www.FixHousingFirst.com.
Dan Wolf, Bedrock Builders
2009 President, Builders Association of Greater Indianapolis
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