Closings should hold up for 30-45 days then fall off a cliff. New signed contracts should fall off a cliff starting today, except for any criminals who want to illegally backdate contracts to 04/30.
The current price of many homes dropped $10K-$40K in the last 24 hours. It will be interesting to see if the bidding wars continue by desperate buyers who are afraid of “missing out”
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The federal program was an $8000 rebate available to anybody who qualified.
The $10K offer from CA is a TAX CREDIT taken over 3 years in equal installments and will not be available to all. There is a limited amount of money available. Some people who expect it will never see it.
There is a BIG difference between the two programs.
From a federal and state govt who are both beyond broke and an industry that claims how great things are, there should be no need for ANY incentives/rebates/credits.
The housing market has been on life support.
One of the IV’s just got pulled out. (It may need to get re-inserted) This can easily take a decade.
Many consumers are debt induced junkies who will now have to look elsewhere to get their fix.
