Almost everyone saw this coming (except possibly Congress). An offer for government subsidized first time home purchases - an $8000 Federal Tax Credit - is about to expire. Somehow the date of expiration was passed as December 1. Many people at first glance saw that date as the end of the year (and procrastinated accordingly).
Guess when thousands of them started looking for their first homes - during the past month. Unfortunately that puts a huge stress on the entire purchase system. With Veterans Day and Thanksgiving (weekend) occurring in the month of November the end of month crunch for settlements will be even greater than normal.
Unforeseen delays and errors will take place. The overcrowded piles on the desks of processors and underwriters will continue to grow and settlement slots in attorney offices will become full. The stress on home buyers is already very high but not knowing makes this process even worse. Many of these buyers will not be able to settle without the stimulus.
Hundreds of thousands of Realtors, Lenders, Lawyers, etc., have contacted their Senators and Representative to extend the credit and probably received positive responses to their inquiries.
Congress, now is decision time! Either announce an extension now or at least make a date to grandfather those people who have already made mortgage applications, and qualify for the credit, that the credit will still be allowed. This is not one of the many pork projects that waste taxpayer money. This is REAL stimulus. Lets show some good faith to your constituents and take care of this today!..................chris