Does anybody have the connections to know what the government will do after the $ 8000 tax credit will expire on Nov 30 ,2009..

I believe this incentive helped to get several  renters to purchase a house and that is why the lower end of the housing market was revived and is doing relatively well.

There are many buyers who put an offer in for a bankowned property and might still be waiting on Nov.30,2009  for an answer from the bank. One of my clients is waiting since May ,after we put in a very reasonnable  offer.

The bank is actually loosing out, since the appraisal value for similar units is now 15 % lower than what we offered.

I expect that the government will create either an extension of the present programm or ,what I hope, will come with a new incentive that will stimulate the housing sale in the segment that really needs help, the houses that are above the price range that  the typical renters can afford.

I like to see a $15,000 income tax deduction for anyone that buys a house. This would work for those people that actually pay  tax and might still be paying their mortgage 5 years from now.

This might revive the second home market as well as enticing  people  to trade tomore expensive homes.