We all know about the impending November 30 deadline for getting a transaction completed for eligible purchasers to qualify for the federal tax credit.
Realistically, if a house is not under contract as of today, it probably will not close in time and the chances are that the opportunity to get the first-time homeowner's tax credit in its current form will be lost.
However, the market is not robust enough to support a complete recovery without incentives, so it is likely that some new opportunities will be created for buyers. In the meantime, we are in no-man's land until something concrete is enacted.
And so we wait ... and hope!