There are many issues with the administration of the tax credit still being worked out between banks, Buyers and the government like how to get the money at the closing as "cash" for the downpayment in time for closing, for instance. There is a longer lead time between when a benefit to the consumer is announced and when it can be implemented through the banking systems practically. You must make sure you are working with lenders who are on top of this and part of the innovation of the methods of delivery and being proactive. Many of the current incentives will not be really workabkle and available until September in most cases.
Also, in my region, Sellers of FHA ranches (3 bedroom ranch with 2 car garages basically) are failing to put their homes on the market, causing an inventory shortage in this much needed property type. Perhaps some investors have purchased them out of foreclosure and hoarded them for rentals too. They need to get back out there in the marketplace. - Wed Jun 24 2009, 08:36