According to www.CNN.com, the deadline of November 30 has galvanized a significant upswing in real estate sales. Great for the economy, (first-time) homebuyers, and agents, it's not known yet whether or not the Tax Credit privilege will be extended to a later date. Homebuyers who purchase real estate prior to November 30, are qualified to recieve an $8000 tax credit. This perk was implemented by the government to push buyers and sellers who were on the fence, because of the worst economy that has hit since the Great Depression.
Mortgage rates and home prices are so favorable at this point, the article mentions that even more renters are most likely qualified for purchasing, without going outside of their financial means. It's encouraging "3 million renters who are now financially well-qualified to buy a median-priced home," without being strapped for cash.
On the flip side, foreclosures and short-sales are still predicted to be on the rise, as many homeowners seek resolution for not paying mortgages. This huge flaw has taught many future and current homebuyers to not go outside of one's budget. With so much inventory available, homebuyers can make sound decisions that won't leave a negative impact in their pocketbooks.
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