Lots of real estate news today, not the least of which was the extension of the $8,000 federal tax credit first time buyers. It was even expanded to include people with higher incomes. It also added another goody for people in the trde-up market, that is, owners of homes $300,000 and up (at least in our area).

I wrote at Terradigm on why I think this was a mistake. Check it out, and let me know of you agree. I'm not convinced a new bubble hasn't been created, and if higher mortgage rates, when they come, push down prices (which would be inevitable), then all these people buying at bubble levels will see their equity go south.

The other news was FNMA's announcement of a "Deed for Lease" program, where Fannie Mae will accept a deed in lieu of foreclosure and rent the house back to the owner who lived there. Good and bad features with that, not the least of which is dealing with a deficiency judgment.  I wrote about that at the Mortgage Rescue Cafe.

Finally, a thanks to all who visited my new marketing website. It's a market program in beta stage, but I have very high hopes for it.