Housing Industry Pushes For Tax-Credit Extension

The Washington Examiner reports that lobbyists are working to extend the $8,000 federal tax credit for first-time homebuyers.

North Carolina Rep. Howard Coble has filed a bill to extend the credit --- which expires Nov. 30 --- through 2010. The Mortgage Bankers Association, the American Land Title Association and the Business Roundtable are among the housing-industry organizations urging members of Congress to extend the credit.

According to The Examiner:

The National Association of Realtors estimated 1.8 million to 2 million first-time buyers would take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without it.

The National Association of Home Builders claims that an extension of the credit, which was created under President Obama's $1 billion stimulus package, would spur roughly 350,000 new jobs in the next year.

More here.

-- Jenna Staul