Posted by: Todd Long | December 22, 2008

Fix Housing First Coalition

I recieved this from the National Home Builders Association today:

fix-housingj   Below is the letter the Coalition sent to every Member of Congress today.  It included our growing list of supporters that spanned five pages!

 You all are doing a great job of getting the word out.  Today Fix Housing First made it into the paper again in North Carolina. The Mooresville Tribune picked up the press release the Lake Norman Home Builders Association put out.  Keep up the good work.

 

The NAHB has created a YouTube channel, and posted a video of CEO Jerry Howard discussing why Congress must act quickly on housing economic stimulus. 

Dear Senator,

 

On behalf of the Fix Housing First coalition, I am writing to urge you to address housing in any new stimulus legislation crafted by Congress. If we act immediately to invest in a stimulus plan to get people into homes now, the sooner we will be able to stabilize the entire economy. The longer we wait, the worse the situation is going to get.  The housing market decline has directly contributed to estimated budget shortfalls in at least 43 states, leading to significant cuts in previously protected areas such as public safety, education and health care.

 

The two most critical issues in the housing crisis are the growing inventory of unsold homes and the decline in home values. The historic foreclosure rates and general declining economic conditions are significantly cutting demand for housing. Only an increase in housing demand can stop this downward spiral.

 

To that end, the Fix Housing First Coalition supports a short-term, targeted incentive package aimed at qualified buyers. It would include an enhanced home buyer tax credit and a fixed mortgage rate buy-down to 2.99%. When coupled with meaningful foreclosure relief, we believe it will have a long and lasting impact on the health of the economy. Americans don’t need permanent government incentives; they just need a short -term boost to help restore confidence. A fact sheet on the Fix Housing First proposal is attached.

 

Our belief is not based on conjecture but on precedent. This dual strategy of a homebuyer tax credit and a mortgage buy down was used successfully during the housing crisis of the 1970s. It resulted in a dramatic turnaround in the housing market – and the economy as a whole.

 

Our proposal is significant, but it pales in comparison to the cost of inaction. The crisis in the housing and financial markets is historical in both breadth and depth, and small solutions will not measure up.

 

 

We hope you will support this proposal. For more information, we encourage you to visit http://www.FixHousingFirst.com.

 

Sincerely,

 

FixHousingFirst Coalition

 

 

Questions, comments or suggestions should be directed to kgear@pulte.com.

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