N.C. home builders make argument for federal aid

Posted to: News North Carolina
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The Associated Press
© January 8, 2009

RALEIGH, N.C.

The North Carolina Home Builders Association plans to push its case on why a federal economic stimulus package should help their industry by encouraging buyers, which then would boost residential construction.

The heads of construction companies from Raleigh and Matthews will press their point in a teleconference with reporters on Thursday.

They'll be joined by David Crowe, the chief economist of the National Association of Home Builders.

The Washington-based builders' trade association wants an aid package of at least $100 billion. The group's wish list includes tax credits of up to $22,000 for home purchases and subsidies that would bring mortgage rates to as low as 3 percent for the first half of this year.

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bail out

Submitted by fulcrum3 on Thu, 01/08/2009 at 8:52 am.

Right jerks. You, then the vacuum salesmen and on down the line. All need a bail out. This better, or should, get thrown out quickly. Go get a job.

100 billion?

Submitted by msanders1409 on Thu, 01/08/2009 at 8:42 am.

So what, you can build more million dollar homes, get unqualified buyers to pay "interest only" loans, etc. on a house that has been over-approaised, and then have the lenders whine it again when the house goes into foreclosure. Unfortunately, I am no longer surprised by the gluttonous feeding frenzy when it comes to government hand-outs.