The latest report shows that housing prices were up again in August.  I know in our housing market buyer activity was up.  First time home buyers were trying to buy a home before the tax credit ends the end of November.  The tax credit was the most impportant to my first time buyers.  The Virginia Housing Development Authority added a mortgage loan where the buyer can use the tax credit as part of their loan so that they did not have to have alot of money to buy a home.

The tax credit is coming to an end the end of November.  For most first time home buyers the end of the tax break is the end of their owning a home dreams.  The requirements on credit are getting tougher all the time also.  Between the 2 things first time home buyer sales will fall because the buyers will find it harder to qualify and they do not have the funds needed to buy.

I really hope the government will extend the tax credit until spring.  Home sales seasonaly drop in the winter months.  With the tax credit extension it will help keep the housing market moving and give the economy more time to work on recovering.