Property Management

NAHB Endorses President Bush"s Tax Plan

The National Association of Home Builders (NAHB) officially endorsed President George W. Bush"s tax plan and related housing incentives at the conclusion of its record-breaking International Builders" Show in Atlanta last week. At a meeting of NAHB"s Board of Directors held during the International Builders" Show, the association representing more than 203,000 professionals in the home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other residential and light commercial construction trades resolved to work with Congress and the Administration in support of President George W. Bush"s proposed tax package. The NAHB Board also specifically resolved to encourage including in the tax package a temporary tax credit of up to $6,500 for first-time home buyers and temporary tax-free withdrawals from 401(k), IRA and other retirement accounts for investment in a first-time home by the purchaser, his parent or grandparent. "Historically, housing tax incentives have helped stimulate housing activity, employment and the U.S. economy, which is why we feel that a timely stimulus to home buying will reverse the downward trend in the economy and increase housing opportunities," said Bruce Smith, a home builder from Walnut Creek, Calif., who became NAHB president on the final day of the record-breaking International Builders" Show. Economists appearing at the convention said that, while definite signs of economic weakness have begun to appear, housing activity will probably not fall too far or too fast in 2001. Odds of an economic recession occurring were an estimated 30 to 40 percent, with the first half of this year seen as more susceptible to a downturn than the second. Without a significant growth slump, said the experts, conditions should start improving in late 2001 and early 2002. NAHB chief economist David Seiders predicted a 5-6 percent decline in sales and production of new homes this year, but said favorable interest rates should be a stabilizing factor. On top of two interest rate cuts in January, he noted, the Federal Reserve will likely lower rates by another full basis point by May.


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