Political Quotes

“I will talk briefly on this amendment. It is an important amendment. Last year, in November, we passed the Worker, Home Ownership and Business Assistance Act containing a number of important provisions to support our economy. First of all, let me say the idea for this came from the Senator from Georgia, John Isakson. It is a great idea. He was a businessman before he came here. This certainly indicates he must have been a good businessman. This credit has been so helpful to our economy, not only in Nevada but around the country. As part of this bill we passed in November, we expanded and extended the home buyer tax credit. We made the credit available to more individuals and families who purchase a home. We also extended the credit through April 30 of this year and allowed anybody who signed a binding contract on a home and makes the purchase before July 1 to benefit from that credit. When this provision became law last November, the housing market was just beginning to recover. But further support was necessary given the importance of the housing industry to the overall economy. Now we are beginning to see more signs of recovery. Sales have increased since January. Median home prices have increased since November. Still, in States such as Nevada, the housing market is struggling. Across the State a significant percent of mortgages are underwater. That means the amount owed on the mortgage is greater than the value of the home.”