This is an incredible time to be a buyer... the $7500 tax credit for first time homebuyers will create an interesting opportunity for many people to achieve the dream of home ownership.
Here is a link to today's New York Times article regarding the provisions of this new law:
http://www.nytimes.com/2008/07/31/business/31housing.html?_r=1&scp=3&sq=mortgage%20relief&st=cse&oref=slogin
Many changes will take place with regard to third party down payment programs like Genesis, Ameridream, Liberty Gold, Nehemiah; these will all be eliminated. Do you think this will have a really negative impact in the market?
I feel that this is going to have a positive impact in Greater Cleveland, and in my area in particular, which is Cleveland Heights and Shaker Heights, which has been strongly impacted by the mortgage market meltdown.
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