Wednesday, February 4, 2009 6:48 PM
Realtors, Homebuilders Score a Stimulus Coup
The National Association of Realtors and the National Association of Homebuilders of the U.S. scored a lobbying coup when an amendment was added this evening to the Senate stimulus bill that doubles the maximum size of the homebuyer tax credit from $7,500 to $15,000 on all purchases of principal residences. The existing credit is scheduled to expire at the end of June, but the measure cosponsored by Sens. Johnny Isakson, R-Ga., and Joseph Lieberman, ID-Conn., would extend the credit for one full year from the date the bill is enacted. It adds an estimated $19 billion to the stimulus package. The amendment was approved by the Senate without dissent after Banking Committee Chairman Chris Dodd D-Ct. signed onto the provision. "It's a recognition that housing has to be fixed if the economy is going to recover," said one industry lobbyist.
-- Peter H. Stone
Craig Stevens
Thursday, April 7, 2011
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Mike Jones
Sunday, January 30, 2011
The National Association of Realtors and the National Association of Homebuilders of the U.S. scored a lobbying coup when an amendment was added this evening to the Senate stimulus bill that doubles the maximum size of the homebuyer tax credit from $7,500 to $15,000 on all purchases of principal residences. The existing credit is scheduled to expire at the end of June, but the measure cosponsored by Sens. Regards, Mary cna and free cna training
hardy Travis
Monday, November 22, 2010
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joejoejoe
Thursday, February 5, 2009
Oops. Sorry for the double post.
Here's a press release from the National Association of Home Builders from early January 2009 laying out just what they wanted. You can see it pretty much made it into legislation untouched in the US Senate.
And here's economics blog Calculated Risk explaining why juicing new homebuilding when there is already too much unused housing inventory is just plain wrong.
Lieberman and Isakson are increasing supply and demand and the only people who benefit will be homebuilders and people who use the program. Existing home owners will see the value of their home decrease because of increased supply of housing, but Lieberman and Isakson don't care about that, just pandering and handing out checks to a broken industry.
It's disgusting and 180 degrees wrong for the current economic crisis.
joejoejoe
Thursday, February 5, 2009
Less than 1 month ago the National Association of Realtors was only seeking a $7500 credit according to the Atlanta Journal Constitution. They must have seen that the merits of the credit had no relation to the politics and doubled up their request. Leave it to the US Senate to cater to the homebuilding industry when there is a huge surplus of unsold new homes, existing homes, and rental property. I'm sure artificially increasing demand will do wonderful things to the true value of properties in the long run. The housing bubble wasn't voodoo, it was people speculating irrationally coupled with a financial ethic in the banking industry that had all the substance of cotton candy. The solution? Make more cotton candy!
http://www.ajc.com/services/content/printedition/2009/01/08/obama.html