The majority of House Republicans voted against the extension, citing concerns over its impact on the federal budget deficit. Then went on to vote in approval of the homebuyers tax credit contract extension.

The extension gives extra time to thousands of homebuyers trying to get a popular federal tax credit by the end of the month. While this may be good news to some, the attached companion proposal to extend insurance benefits to unemployed workers was rejected by the Senate, a huge blow for those already on the real estate ladder and struggling with unemployment or those with financial investments in real estate.

Real estate agents say thousands of settlements may not be completed by Wednesday because settlement offices are slammed with buyers trying to close on transactions by the end of this month in order to receive the funds.

“Up to 180,000 homebuyers will now receive the tax credit they deserve, and our housing market will be strengthened as a result,” House Speaker Nancy Pelosi said in a prepared statement after the lower chamber approved the measure.

Business banking Critics claim that the three-month extension is an invitation for mortgage fraud, providing prospective home buyers time to back date contracts to a date before April 30 and subsequently closing on those contracts by the new September 30 deadline.

Congress extended the $8,000 tax credit for first time homebuyers last fall and added a $6,500 tax credit for all buyers who were purchasing a primary residence.

Earth’s population is approaching seven billion at the same time that resource limits and environmental degradation are becoming more apparent every day. Rich nations have long assured poor nations that they, too, would one day be rich and that their rates of population growth would decline, but it is no longer clear that this will occur for most of today’s poor nations. Resource scarcities, especially oil, are likely to limit future economic growth; the demographic transition that has accompanied economic growth in the past may not be possible for many nations today. Nearly 220,000 people are added to the planet every day, further compounding most resource and environmental problems. The United States adds another person every eleven seconds. We can no longer wait for increasing wealth to bring down fertility in remaining high fertility nations; we need policies and incentives to stop growth now.

Continued….

The median sales price of new houses sold in May 2010 was $200,900; the average sales price was $263,400. The seasonally adjusted estimate of new houses for sale at the end of May was 213,000. This represents a supply of 8.5 months at the current sales rate.

Read more: http://www.businessinsider.com/new-home-sales-2010-6#ixzz0rsV99dzs

The “The What’s Next on the Road to Recovery” report, which explores how consumers’ habits related to food and beverage purchasing and usage have been affected by the recession, finds that nearly one in five consumers expect to be worse off 12 months from now than they are today, and half of all consumers expect their financial situation to be the same as it is today. Looking ahead nine out of 10 consumers say they will plan and watch their spending on food and beverages outside the home.

Among the thriftier behaviors consumers say they will do more often than now over the next six months are decreasing spending on groceries, especially those with household incomes under $35,000; using coupons for food and beverage items from newspapers or magazines; stocking up on foods and beverages when they are on sale; searching store circulars for low prices on food or beverages that are on sale; buying less expensive brands of foods and beverages, and searching for manufacturer coupons online.

“As food and beverage manufacturers and retailers begin to rethink their marketing communication programs as they start their recovery planning, it’s important that they understand their consumer’s mindset,” said Dori Hickey, director of product development at NPD and author of the report. “Consumers lost personal wealth in this Recession and they’re skeptical that ‘things will go back to the way they were.’ In their minds, it appears the road to recovery will be a long one.”

http://www.foodproductdesign.com/news/2010/06/consumers-to-continue-food-beverage-thriftiness.aspx