NAHB Chief Hopeful of Housing Boost

The housing sector could get a real boost this summer if Congress can pass a housing bill with GSE and FHA reforms along with a homebuyer tax credit, according to the chief executive of the National Association of Home Builders. NAHB executive vice president and chief executive Jerry Howard said in an interview that the government-sponsored enterprises Fannie Mae and Freddie Mac have taken some positive steps in scrapping their declining-markets policies and stepping up to buy jumbo mortgages. "We are hoping with some of these [GSE] changes and what we hope will be the passage of this bill before the Fourth of July that we will see some uptick in credit availability, in construction lending, and in consumer confidence," Mr. Howard said. The homebuyer tax credit could be a "real shot in the arm for the economy and the housing sector," he said, particularly if it is improved in conference when House and Senate leaders meet to iron out a final bill.