Why am I not surprised?
http://www.marketwatch.com/news/story.asp?guid=%7B71C60DED%2D3A3D%2D4940%2DA006%2DC0AB09CD9B1C%7D&siteid=mktwBush urges tax credit for home builders
By William L. Watts, MarketWatch
Last Update: 1:32 PM ET May 13, 2005
WASHINGTON (MarketWatch) - President Bush said a surging real estate market could be enhanced even further if Congress passes a tax credit aimed at encouraging homebuilders to target middle class families.
"To boost housing sales even more, Congress needs to pass my single-family homeownership tax credit," Bush told a meeting of the National Association of Realtors on Friday.
Bush said the credit would increase the supply of affordable single-family homes by as many as 50,000 each, with the aim of increasing the supply of affordable homes by 7 million over the next 10 years.
The proposal would grant a tax credit to firms that build affordable housing and sell it to middle-class buyers. The credit would cost around $2.5 billion over five years.
Some policymakers are weighing whether the housing market could be showing signs of speculation that marks an investment bubble.
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