The first time home buyers credit--though having positive impact--for the most part simply pushed forward home purchases making October a good month.
There is going to be further downward pressure on home prices. There is an oversupply of housing which is pushing down home prices and rental rates. As rental rates fall its likely that some landlords will be inclined to put houses on the market--further increasing supply and lowering prices.
Getting a handle on the mortgage crisis should be a top priority at the Federal and state level. Though I doubt we will see much action on that front at least at the state level.
If I were a State Rep @JimN2010 right now, I'd be pushing Right to Rent legislation here in Georgia during the upcoming 2010 session to help address the mortgage crisis and get the real estate markets stabilized.
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