Public Backs $15,000 Tax Credit in Economic Stimulus Bill

Intense negotiations last week between a group of centrist Senate Democrats and Republicans resulted in a compromise over the weekend that removed about $100 billion of spending from the economic stimulus bill. This paved the way for the Senate to vote 61 to 36 on Monday evening in favor of moving the legislation forward. The chamber is expected to hold a final vote on the stimulus legislation on Feb. 10.

Resulting in large part from the efforts of the entire NAHB federation, the bill includes an expanded home buyer tax credit in the amount of $15,000 available to anyone buying a principal residence. The tax credit would apply to all purchases occurring within a year after the bill is signed into law and it is a true tax credit. It would not have to be repaid. ...

Home Improvements Weak, But Future Holds Opportunity

A growing number of home builders are diversifying into remodeling hoping to find jobs to tide their businesses over until the home buying market returns, but remodeling over the short term continues to display weakness of its own as home owners pull back from major improvements to their property.

Economists at last month’s International Builders’ Show in Las Vegas noted that consumers have lost significant amounts of both confidence and wealth and are not in a spending mood. Even for most remodelers, who haven’t taken as much of a drubbing as home builders, the goal will be to survive another difficult year as they prepare for opportunities that will emerge on the other side of the recession. ...

Cynthia Russell goes to Washington.

Florida Builder Wins ‘Amazing’ Obama Inauguration Trip

In early January, home builder Cynthia Russell of Newberry, Fla., was having trouble thinking about anything other than how her once thriving custom home business of 18 years, Emerald Ventures, Inc., was suffering in the economic downturn.

Then a brief essay she’d written was selected as the first winner of an all-expenses paid trip to Washington, D.C., to participate in the historic Inauguration Day celebration.

Russell, who’d never been to the nation’s capital, said the experience was amazing.

“One of the most remarkable things was how everyone was on an ‘Obama high,’” she said. “Everyone was happy, energized, talkative and curious about where you were from and what brought you to the inauguration.” ...