By the time I write this, just a few days after President Obama signed the extended, expanded homebuyer tax credit into law, it's already old news. I was fielding calls from reporters looking for industry insiders to quote before the ink on that thing was dry. It's already been covered every which way but loose, so I won't purport to "educate" you about the bullet point provisions it contains.

However, I submit to you that whether you were pro or con on the credit's extension, there are some behavioral-economic impacts it will have on the real estate market that have managed to escape the popular media's scrutiny.

The real estate industry party line on this thing was, of course, that the credit should be extended and expanded for its proven ability to stimulate sales.  more...