All the inside information coming from the House states that a bill will be passed this week to extend the " First Time Homebuyers Tax Credit" into 2010. This gives buyers more time to find their new home while helping to stimulate economy and the houseing market.
The House and the Treasury Dept is also looking into other incentive programs for nuyers to help soak up this drenched market with an abundance of short sales and foreclosures. These programs will not be geared for first time homebuyers, but for any buyer loooking to purchase a home.
Another bit of news on the short sale market this week.... Treasury Dept and Hud are working on how to get banks to move quicker on approvals of short sales. Banks need to be held accountable for the rediculous amount of time they take before an approval is given on a short sale. I have worked with many banks recently that have done a wonderful job in getting a short sale approval in less than 60 days, but the big guys like Bank of America, GMAC and a few others still do not have their act together.
If the package is sent in correctly with all the necessary paperwork this should be approved in under a week.
Let's hope the ABA helps them get their act together so a short sale can settle in 30 days just like a regular sale and a foreclosure can.