First time home buyers are in a buying frenzy, reports the Calculated Risk blog. The wide eyed hopefuls are swimming upstream like the little salmon before being devoured by a bear. What's the reason for the mad rush? "With a growing sense of urgency, first-time buyers are searching for homes, worried that time is running out on an $8,000 federal tax credit. Real estate agents say they're seeing a surge of first-timers who want to close on a property by Nov. 30, the deadline for the credit. The rush has set off bidding wars and stirred up a normally quiet August market." So while the market heats up between now and December, don't expect it to last. The bear is waiting and he's hungry. [Calculated Risk]
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