Tick Tock Goes the Tax Credit Clock

There are approximately 40 shopping days left if you want to take advantage of the $8000 first time home buyer tax credit.  Why?  The tax credit is set to expire November 30, 2009 and with new escrows taking between 35 and 50 days, a buyer wanting to take advantage of the government’s generosity will need to be in contract by mid-September.

Take a second to have that sink in…

…tick, tock…

OK, if you’re over your initial shock, let’s move on.  Just like all good things, the $8000 of free money must come to end.  Yes, there are rumors of an extension on the horizon, however there are no hard facts to support the supposition.  Since the tax credit is designed to create some urgency and drive sales, even if there is an extension planned, it won’t be announced until just before the clock ticks midnight.  My personal feelings?  I originally thought that an extension was likely, but with news of an improving market and signs of economic recovery, it’s becoming less likely that Congress will want to dip back into the coffers.

For a quick refresher course on the tax credit requirements, I suggest reading Vince Kingston’s blog.  Vince is my personal favorite mortgage broker in Portland and one of the finest financial minds I’ve come across.  Plus, he’s an excellent craft brewer and that has to count for something.

Patience, My Friends, the Market Report is Coming…

…just not today. Market Action will be released next week and, I assure you, you will be the first to read my monthly breakdown. In the meantime, proof positive that the market continues chugging along…