Last week, Senate Majority Leader Harry Reid, D-Nev., said he would support a measure to give additional time for first-time home buyers to close on their purchases and still receive a tax credit for up to $8,000. Repeat buyers were also eligible for a credit of up to $6,500.

Buyers had until April 30, 2010 to have a signed sales contract in hand and until June 30 to close the sale. Reid proposes to extend the closing deadline to September 30, 2010.

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There are many homeowners across our country postponing the sale of their home due to the precariousness of the housing industry. Because a home sale is not imperative, some owners are choosing to make home improvements, either by their own hand or by hiring professionals.

The White House, which theoretically will never be for sale, is also receiving some much-needed improvements, which will benefit its present occupants and others in years to come.

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When viewing news footage of the marine and wildlife damage due to BP’s Deepwater Horizon oil spill, it’s easy to make the connection between that carnage and the loss of income to those who make their living directly from the water. Shrimpers, oyster harvesters, commercial fishers - among others - have been unable to work their trade and are losing income daily. That’s income they rely on to support their families and meet their financial obligations.

Another industry that has taken a hit is the real estate market.

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According to The Conference Board, economic confidence is as high as it’s been since August 2007 - four months before the start of the recession. Americans are optimistic again.

As the theory goes, confidence matters to the economy because as confidence increases, consumer spending follows. Consumer spending accounts for 70 percent of the U.S. economy.

It’s why Wall Street is responsive to confidence data.

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The U.S. Department of Commerce issued a report last month stating new home construction rose nearly 41 percent, when compared to the same time frame a year ago. Privately owned housing starts were at a seasonally adjusted annual rate of 672,000, which is 5.8 percent above the March estimate of 635,000.

That rate is the highest since October 2008.

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In a May 2010 survey conducted by Thomson Reuters/University of Michigan, better than 16 percent of homeowners feel their homes have increased in value during the last year, which is the highest number in nearly two years.

The flip side of that coin is 43 percent of homeowners said their home decreased in value over the same time period. That number is down from the previous quarter, which registered 48 percent of homeowners.

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With low home prices and mortgage rates trolling near their all-time best levels, it’s no surprise that home affordability is extraordinarily high in most U.S. markets.

According to the National Association of Home Builders quarterly Home Opportunity Index, more than 72 percent of all new and existing homes sold between January-March 2010 were affordable to families earning the national median income.

It’s the second-highest reading in the survey’s history.

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According to the National Association of Realtors (NAR), homes sales for the month of April exceeded expectations, in part due to the home buyers tax credit offered by the Obama administration. The tax credit program for first-time and repeat home buyers expired April 30. Home sales rose 7.6 percent over the previous month.

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In its quarterly report published earlier this month, Product Transition, Freddie Mac related that in the first quarter of 2010, fixed-rate mortgages were the loan of choice by 95 percent of homeowners refinancing. Of those new mortgages, most were 30-year fixed-rate, although many chose 15-year or 20-year contracts.

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Nearly 18 months after the first reports of tainted Chinese drywall emitting foul smells and corroding electrical wiring, Knauf Plasterboard Tianjin Co (KPT) has reached a joint settlement with Beazer Homes USA, Inc.

Defective drywall, manufactured by KPT, had been used in some of the homes built by Beazer in southwest Florida. Beazer, among many other builders, was unaware of the condition of the drywall. Once problems began to arise, homeowners then pressed Beazer to make reparations, at the builder’s expense.

Beazer in turn has used the courts to receive financial compensation for the repairs that stemmed from KPT’s faulty product.

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