BANN News
BANN Hosts Annual Breakfast
Hosted by BANN's sales and marketing council, the association held its annual breakfast seminar Jan. 14 and gave attendees a new perspective on the construction and real estate industry in northern Nevada. Elliot Eisenberg, an NAHB economist shared his financial outlook. Other expert speakers included Mark Krueger, Tim Ruffin, Kris Layman and Steve Schiller.
New Committee Introduced
A newly created safety committee joins with the education committee to enhance the education opportunities and professional development of individuals in the building industry. The new BANN committee will help determine the best courses that will meet the education needs of the association membership. The education committee will be co-chaired by Brian Watkins, Thompson Garage Doors and Rick Faulkner.
Participation Encouraged
In these tough times, it becomes increasingly important to take advantage of the benefits of association membership. One way to become involved is through BANN's "Do Business with a Member" program. Many members that are also business owners offer discounts or special offers to other BANN members. In 2009, BANN will increase efforts to reach all of their members and their employees. For more information, call 775.329.4611.
Fix Housing First
The historic increase in foreclosures, tightened mortgage qualifying criteria and general decline in economic conditions have significantly cut demand for housing. Housing wealth is the primary source of savings for most households and a key driver of consumer spending. BANN is just one of the 600+ businesses supporting the Fix housing First coalition, led by National Association of Homebuilders (NAHB).
The coalition plan suggests a new-home buyer tax credit should be substantially increased to 10 percent of the price of the home, or up to $22,000. Unlike the current credit, it would not be limited to first-time buyers and the homeowner would not be required to repay the credit.
The coalition recommends a mortgage interest rate buy down to get buyers back in the market and further stimulate the economy. Suggested interest rates range from 3.99 to 2.99 percent for homes purchased by the end of December 2009. Intensive efforts to prevent foreclosures and keep people in their homes are also included.
The stimulus plan would produce:
?1.2 million additional home sales in the first wave
?Another 274,000 from a ripple effect
?Absorption of 211,000 vacant units
?593,000 jobs across all industries
?$29 billion in wages and salaries
?$13 billion in small business income
?$20 billion in tax revenue for federal, state and local governments
Congress crafted economic stimulus legislation to be debated and voted on by Congress. It is expected that President Obama will sign stimulus legislation early in his term. Now is the time to tell Congress to fix housing first and ensure that housing recovery measures are incorporated into the stimulus package.
