Any Home Sales in North Suburbs?

[chet everett]

While on the face of it mh7 is correct, the "new first time buyers credit" is inadequate to do much to help folks in high dollar areas, their is a "chain of dependent actions" that quite a lot of real estate transaction rely on.

SUPPOSE: Jane and Jill are roommates in nice little condo in Lakeview. Jill gets engaged to Bill. Bill owns a nice condo in Lincoln Park, but Jill really wants to use her healthy savings combined with Bill's and move to say Deerfield. Jane can't really afford the mortage on the place in Lakeview by herself, so she is going to rent. Jill is a first time home buyer, Bill is not, but they CAN move to Deerfield and kinda sort help out Tina and Ted who'd love to sell their house as has been sitting on the market since people first laughed at Tina Fey as Sarah Palin. Tina and Ted want to move up to nice newer home in Deerfield.

See how it sorta works? Whole bunch of sales happen when the log jam breaks...

[mh7]

Yes, but again, they are second order effects. A lot of people don't understand that they will not receive any direct benefit from the tax break. I suspect there be more than a small number of unhappy home buyers come next april.