NAR VP on Capital Hill Pushing for Extending Tax Credit

October 21, 2009

Daily Real Estate Updates

sudler-sothebys-logo21 October 2009 ? Yesterday, Ron Phipps, First Vice President at the National Association of Realtors (NAR) stood in front of the Senate Banking, Housing and Urban Affairs Committee urging them to extend the buyer tax credit. According to the NAR website, Phipps was quoted as saying,

?The data on the present home buyer tax credit show that the credit has had its intended impact?sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably.? He also pointed out that each home sale generates approximately $63,000 in additional economic activity, providing a tremendous economic boost to the national economy. ?But it is a fragile recovery, and now is the time to build on home sales momentum by extending the tax credit throughout 2010 and expanding it to all home buyers,? he said. ?The present credit, due to expire on November 30, cannot help new purchasers now who write a contract today?they won?t be able to close before the deadline, and will lose out on the credit. Without congressional action now, the market and our national economy may freeze again?possibly as soon as this month.?

If you are an advocate of extending the credit, click on the following link, you can quickly notify your local Congressman of your opinion:

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About Catherine Brennan

Catherine Brennan is a seasoned real estate agent with over six years experience in closing hundreds of transactions and developing a network of satisfied clients. Because she values customer service above all else, she teamed-up with Nancy Gaspadarek to create the G and B Real Estate Team. Catherine has lived in the city of Chicago since 1990. She is a member of the Lakeview Chamber of Commerce, a volunteer for the Friends of Blaine and Umoja which both focus on enhancing child education. She enjoys investing in real estate and golfing when she can. You can visit Catherine's web site or reach her directly at 312.613.8022 or

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