A group of homebuilders is asking Congress to extend the tax credit for first-time homebuyers for another year and expand it to include people who may be buying their second or third home.
The move would help propel the economy toward recovery by generating an additional 383,000 home sales, including 80,000 housing starts that would create 350,000 jobs in the coming year, Skip Howes, president of Woodland Park-based Scott Homes Ltd., said Wednesday, citing statistics from the National Association of Home Builders. Under the current program, first-time buyers who close by Dec. 1 can get a federal tax credit of up to $8,000.
The teleconference was one of several held nationwide as part of the NAHB’s “Revive Housing, Restore America” campaign. The association has enlisted its more than 200,000 members to educate lawmakers in their districts about the role housing plays in creating jobs.
“Housing accounts for 15 percent of the gross domestic product,” Howes said. “It’s one of the few sectors that can revive America’s lackluster economy. “
In the past year, 540,000 homes were built nationwide, the lowest number since 1940, when the population was less than half what it is today, Howes said.
“Housing historically has been a key factor in helping the economy pull out of a recession,” said Bernard Markstein, senior economist for the NAHB. “Extending the credit will help reduce the supply of houses for sale, stabilize prices and return housing to its rightful place in the economy.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
