Some very good responses. I particularly liked answers from Ron Rovtar, Dan Chase, Debbie Rose and Joseph Cortez.
It's a great relief no one spoke up for another stimulus. I think the last extension did little except help a lucky group who were going to buy anyway. Now, there may even be would-be buyers who think another tax credit is in store and all they have to do is wait.
There have been a few stories to support a claim that inventory and therefore selection is drying up. However, with new jobs emerging only incrementally and word that buying slowed to a crawl in May, there seems to be no pressure to buy. If you're nervous anyway, then it's easier to play the waiting game even if you're stacked up like cord wood in a rental.
The great points all of you made and my comment:
1. It is still rent vs. own, Joseph. Pride in ownership is still strong. Some renters must be getting antsy playing the waiting the game. I've never liked renting because I would rather be growing flowers and vegetables in my garden and decorating.
2. Certainty in the economy. It's unfortunate for Main Street, Bernanke made his comment. Wall Street and the Fed always seem to be on a different page than the average gal. Certainty is nice, but making out like a bandit is even nicer. Those interest rates may not go lower. As Debbie noted, the best thing that could happen is rates starting to climb. Buyers may get motivated if they see the window of opportunity closing.
3. We do need that spark, Ron. It's difficult for the average consumer to see how a purchase today is the smart thing to do. But, inventory is going to grow smaller and that situation won't improve a lot until builders are building at a level to meet population demand.
Thanks again, everyone. I'm looking forward to August and a vacation in October.