My Blog

Time running out

As convinced as we were back in October that the tax credit for first time home buyers would be extended, we are just as convinced today that it will retire as of contracts written before April 30th, 2010. What's coming next? That is anybody's best guess. While the $8,000 tax credit no doubt generated a lot of our first time home buyers to make the move, the $6,500 tax credit for those who had been in their homes for 5 years or longer didn't really stimulate any new business. Sure, those who were moving anyway took advantage of it, but that was not really the point.

With the next round of short sales and foreclosures coming, it is becoming more important every day for lenders to simplify the process. The demand for these properties is very high, but the process is still way to complicated. The market can and will clean itself up, but only if we can figure out a way to let the demand get to the supply.

Have a great Tuesday!!!!!

Frank Schuster
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