Key organizations in the housing industry are urging Congress to increase the $8,000 home buyer credit to $15,000 and make it available to all home buyers instead of just those buying a first home.

“What is being billed as a recovery is not showing up in the cash register yet,” says Richard A. Smith, CEO of Realogy Corp. and a member of the Business Roundtable, which is orchestrating the lobbying effort.

The Roundtable’s campaign is also pushing Congress to make permanent expanded limits for loans eligible for government purchase or backing. The limit is now $729,750 in high-cost housing markets.

Source: The Wall Street Journal, Nick Timiraos