This is all such a bad idea. Hasn’t Congress realized that this is not helping the economy at all?
What are you talking about? Demand on lower-end houses is through the roof.
actually i think it is, i know a couple of people who have bought houses a LOT earlier because of this
Yeah, people have to bid above asking price to land an entry level house lately.
So who wants a 4 bedroom 2 bath on a quiet street in ToT?
Closing Friday October 30th 
So lets think this out for a minute.
People are paying an inflated price for homes because of a limited time government credit and getting a mortgage based on this inflated price. When the credit expires the home values will fall back to their actual values and all these people will be stuck in these homes because they’ll have mortgages that cost more than the house is worth.
I think I saw this movie before, just a few years ago, when this whole collapse started. I sure hope they aren’t offering adjustable rate mortgages anymore. 
pretty much.
Eh, hyperinflation will keep their home’s value from dropping. :hang:
no better way to hedge inflation than real property. also, Jay, financially irresponsible people will do financially irresponsible things no matter what (ie, overextending themselves when it comes time to purchase). that being said, I should be closed by 11/30 for about $1,000 out of pocket net after the credit and some concessions (and it cash flows wonderfully)
I was too…I got pushed back til next week cause the stupid title search didn’t come in until this morning.
OMG, so… I may be getting a house after all!! How valid is this source?
Mark, it’s VERY likely that the credit will be extended. The question is more about for how long, who it applies to and how much.
I was supposed to close September 28th, still haven’t closed. Everything was supposed to be set with the sellers judgments and payoffs that were tied to the title. I was rescheduled to close on Oct. 30th. Yesterday I find out its a short sale and the seller has to come up with around $10,000 to get out of the house FML.
I have had action to close since September 8th on my end, and my offer was accepted on July 27th. I have no concessions, paid over asking, large chunk down and things are not looking good. Its real frustrating,
did you give a Time is of the Essence declaration yet?
Yeah Time of the Essence if for Oct. 30th
So tell them to get their fucking shit together and put the $10k on a credit card if they have to or you’re backing out.
But, they were going to buy anyway. That’s the point. This isn’t spurring any new spending.
You and me both, buddy. I don’t know where the news originated from, but Reuters doesn’t fuck around. :beer2:
Not necessarily, and certainly not any time soon. The housing sector crashing and record unemployment doesn’t scream “rush out and buy a house NOW!” The stimulus put in a floor at the beginning of the year or we’d still be falling now.
The problem is the seller is a deadbeat and doesn’t have $10k of credit. If I back out, the house will foreclose.