The National Association of Home Builders (NAHB) is reporting that a new nationwide survey indicates two-thirds of Americans support the $15,000 home buyer tax credit currently being worked in Congress.

Tuesday, the Senate approved by a vote of a 61-37 the $838 billion economic stimulus bill, bringing analysts to predict the legislation to cross President Obama's desk soon.

The survey of more than 1,200 registered voters found that one-third of all respondents and 61 percent of renters would be more likely to buy a home if the $15,000 home buyer tax credit were to be enacted into law.

"This is extremely significant because normally in any one year only about 5 to 7 percent of households purchase a home," said David Crowe, chief economist of the NAHB. "This is more evidence that this temporary, timely and targeted tax credit would trigger home sales, end the free-fall in the housing market, generate new jobs and help lead the economy back to higher ground."

Only a handful of Senate Republicans voted for the newest stimulus bill. The New York Times reported on the bipartisan issue noting Kentucky Senator Mitch McConnell, “We're taking an enormous risk -- an enormous risk -- with other people's money." He pressed other Republicans to vote against the measure, noting the bill is full of waste.

But almost all experts agree, something must be done, and soon, to aid housing and the economy.

Click here to view current Market Conditions in your location.

Published: February 11, 2009

Use of this article without permission is a violation of federal copyright laws.