Builders lobby for tax credit extension

Homebuilder representatives told a congressional panel Tuesday that the $8,000 tax credit for first-time buyers needs to be extended and expanded to shore up the still-tottering market for new homes. September applications for home building permits, an indicator of construction activity, fell by the largest amount in five months, an ominous sign for the housing industry. Meanwhile, the Obama administration has not yet decided whether an extension will be granted, and some economists argue that most interested potential homebuyers have already taken advantage of the tax credit. [Miami Herald]