High Hopes I've Got High Hopes

The $8000.00 Federal Tax Credit for 1st time home buyers has done for the most part what it was suppose to, help boost housing sales in a lack luster housing market. With the expiration date of 11/30/09 on the horizon I am seeing last minute applications from 1st home buyers coming in at an alarming rate. Are we setting proper expectations with their buyers by informing them that due to the amount of incoming loan applications and current processing times, there is a chance that they may not be able to close their 1st time home buyers loan by the deadline...or are we just keeping our fingers crossed that the government will extend or expand this $8000.00 credit. My personal opinion is if the government wants to keep the real-estate market moving in a forward direction they are almost forced to do something otherwise this market will come to a screeching halt. in the past 10 months 65% of my mortgage applications have come from 1st time home buyers,25% from refinance clients and the balance from move up buyers. I am not sure about your area of the country but here in the northeast this has been the trend. In closing my hopes are we will see and extension or revision of the $8000.00 Federal Tax Credit for home buyers.