To jumpstart the economy, build up the housing market by expanding the $8,000 tax credit to all homebuyers.
That's the conclusion of a report by the Democratic Leadership Council, a centrist research and advocacy organization.
Expanding the $8,000 tax credit currently available to first-time homebuyers to all homebuyers through the end of the year will create incentives to buy homes which in turn will cause the housing market to rebound and create new jobs, conclude the report's Paul Weinstein Jr. and Matt Dunkelman, both senior fellows at the DLC.
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The authors also advocate making sure homeowners have access to the credit when closing on the house by having the government use existing programs to advance some of the costs for down payment and closing.
"The Obama White House is working overtime to get the economy back on track," Weinstein said in a statement. "Making it easier for hardworking Americans to buy homes will add an extra spark to the economy."
The report, "Moving Houses: How Sparking a Housing Recovery Is The Key to America's Economic Recovery," is available at: http://www.dlc.org.
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