Industry Groups Press Obama to Bolster Housing Sector
November 24, 2008 - The Salt Lake Tribune - Tribune Staff and News Services
USA - With sales of existing homes falling nationwide and in Utah, and median sales prices down from last year, the housing market keeps taking hits. Bracing for more tough news likely on the way, industry groups pressed President-elect Barack Obama Monday to help stem the damage. From real estate agents to carpet makers, businesses dependent on a healthy housing sector are calling on lawmakers and the incoming administration to subsidize lower mortgage rates and beef up tax credits in a desperate effort to stimulate housing demand. Spending $50 billion to lower mortgage rates would yield about 500,000 more home sales, projects the National Association of Realtors. More...