Tax Credit Extension To Give Housing Recovery A Boost

New home construction has been approximately steady since the large jump in June spurred by federal pump priming with the $8,000 first time buyer tax credit and a variety of programs to delay foreclosures and reduce monthly mortgage payments for existing homeowners. Resumed recovery is expected around yearend with an extension and expansion of the homebuyer tax credit. Sales prospects in the new home construction market are improving for homebuilders. While permits, starts and sales were generally steady during the summer, the inventory of unsold new homes fell 10%, the number of homes under construction fell 7% and the number of home completed fell 13%. The long slide in home prices appeared to hit bottom with several month to month rises in the price index. [Read this article]

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