Expand Tax Credit For First-Time Homebuyers

Floor Speech

Madam Speaker, I rise today on behalf of thousands of constituents in my district who are still struggling to cope with the housing crisis.

Arizona consistently ranks among the Nation's top three States in foreclosures. As a former mayor and a homeowner, I recognize the negative impact foreclosures have on home values and neighborhoods.

Earlier this year, as part of the American Reinvestment and Recovery Act, we took an important step forward. We passed a temporary $8,000 tax credit for first-time homebuyers.

The good news is that tax credit has worked. Closer to home, in the Phoenix metropolitan area, according to at least one recent survey, home sales have reached 9,614 in June, up 11 percent from May.

However, I believe we need to expand this credit to make it available to any American who wants to buy a home, not just first-time homebuyers. As the expiration of the current homebuyer tax credit approaches, I want to encourage my colleagues to consider supporting legislation to expand and extend the homebuyer tax credit.

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