Housing Giants - August 25, 2008 - (Page 10) moves News & Moves By Jennifer Powell, Staff Writer CloCk Is TICkIng on Tax CredIT opporTunITy The most intriguing provision in the massive Housing and Economic Recovery Act of 2008, just signed into law by President Bush, is the $7,500 tax credit for first-time home buyers. It’s a stimulus that could go a long way toward ending the malaise that now grips most housing markets from coast to coast. But in order to benefit from the initial burst of sales the tax credit may induce, you’ll have to be able to move buyers into their new homes before July 1, 2009 — the law requires buyers to actually take title to the home by that sunset date and not just sign a sales contract. That means you’d better already be well-positioned in the entry-level market if you want to grab some of the 2 million home buyers NAHB economist Rob Dietz expects to claim the credit on their tax returns for either 2008 or 2009. “The bill initially called for a sunset date of April 9, 2009,” says Dietz. lenox announCes new presIdenT Lenox has named David Pirkle to be its new president of industrial products and services, Lenox. Pirkle will report to Bill Burke, David Pirkle group president of tools and hardware, Newell Rubbermaid. Before his new position, Pirkle was president of Amerock. 10 HOUSING GIANTS.8.25.08 wCI CommunITIes FIles For BankrupTCy proTeCTIon WCI Communities canceled its restructuring plans with outside parties. The company owes $125 million in convertible senior notes that were due Aug. 5. Because the company failed to obtain the money to pay the notes, WCI has recently filed for Chapter 11 in Delaware. The firm plans to continue operating under Chapter 11, but the future is uncertain for the company. www.HOUSINGGIANTS.cOm http://www.lenoxtools.com http://www.wcicommunities.com http://www.newellrubbermaid.com http://www.housinggiants.com
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