Video archive of the US Congress

House Proceeding 10-08-09 on Oct 8th, 2009 :: 0:33:40 to 0:37:45
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Jim McDermott

0:33:23 to 0:33:47( Edit History Discussion )

Jim McDermott: and upped the previous order of the house, the following members are recognized for five minutes each. ms. woolsey of california.

Jim McDermott

0:33:40 to 0:37:45( Edit History Discussion )
Speech By: Jim McDermott

Jim McDermott

0:33:48 to 0:34:09( Edit History Discussion )

Jim McDermott: without objection. mr. mcdermott: madam speaker, my hometown newspaper "the seattle times" published a front-page story the other day under the headline "first time home buyers ignite home sales." the $8,000 tax credit for first-time home buyers is

Jim McDermott

0:34:10 to 0:34:30( Edit History Discussion )

Jim McDermott: working and should at a minimum be extended before it expires at the end of november. some experts even suggest expanding the program to anyone buying a home and that's worth considering. the tax credit that was included in the arican recovery and reinvestment act that the president signed into law in february. it had an almost immediate and

Jim McDermott

0:34:31 to 0:34:52( Edit History Discussion )

Jim McDermott: positive impact on the u.s. housing market and the data proves it. this chart shows that in march, it was -- the housing was still in a freefall. in april when the tax credit began to take hold, we see the beginning of a steady increase in home sales through august. the last month for which figures

Jim McDermott

0:34:53 to 0:35:15( Edit History Discussion )

Jim McDermott: are available. the tax credit has made home ownership a reality for thousands of decent, hard life working americans. extending it makes financial sense, economic sense and it especially makes middle-class sense. across america, prices are stablizing and the inventory of homes for sale is trending

Jim McDermott

0:35:16 to 0:35:37( Edit History Discussion )

Jim McDermott: downward to a point where market forces do not favor either the buyer or the seller. when people buy homes, they purchase appliances and curtains and a whole list of durable goods, so the positive impact of the local economy is more than just the actual purchase. it supports other jobs. the program is working for america's families and for america.

Jim McDermott

0:35:38 to 0:35:59( Edit History Discussion )

Jim McDermott: during the congressional debate last winter, the national association of realtors forecast that the first time home buyer tax credit would generate half a million homes. the actual number is 1.4 million homes and that benefits local governments, too, because of real estate and other local taxes that help pay for vital

Jim McDermott

0:36:00 to 0:36:23( Edit History Discussion )

Jim McDermott: community services like police and fire. and if the program is extended and possibly expanded, there is new forecasts of the impact that is very impressive. the second chart shows what can happen if we keep goi a little longer and jobs and wages across the country, including my state, and the congressional district

Jim McDermott

0:36:24 to 0:36:44( Edit History Discussion )

Jim McDermott: the u.s. would expect 347,000 jobs with wages of $16 billion, washington state, 8,000 jobs with $375 million in wages. the first time home buyer credit has nurtured a fragile housing market to better health in just six months. even if you're not buying a

Jim McDermott

0:36:45 to 0:37:07( Edit History Discussion )

Jim McDermott: house, you benefit because the housing market is one of the underpinnings of our entire economy and largest asset for families. rebuilding the housing market helps us rebuild the economy. as you can see, there are pending home sales in this last chart and clearly see that the

Jim McDermott

0:37:08 to 0:37:28( Edit History Discussion )

Jim McDermott: tax credit is taking the housing market and america in the right direction. but this positive news will be threatened if we don't take action now. if it takes 60 days for a mortgage application to be processed, we are nearing the end by november 30. the tax credit of the fragile housing market

Jim McDermott

0:37:29 to 0:37:48( Edit History Discussion )

Jim McDermott: recovery that we are expecting to see across this country. now is not the time to mess with success. the home buyer tax credit works and it keeps it working by extending the program into the next year. the congress should act immediately on this, because the

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