In addition $8000 to the Federal tax credit, there are some state programs, as a nexample from Newsday.com: NYS rolls out tax credit for first-time home buyers – but most of the frenzy is being driven by the Federal Tax credit. …
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Calculated Risk: First-time Home Buyer Frenzy
Note: there is probably a substantial shadow inventory – homeowners wanting to sell, but waiting for a better market – so existing home inventory levels will probably stay elevated for some time. There are also reports of REOs being …
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Calculated Risk: More on Existing Home Inventory