As a Realtor, I see the desire of 1st Time Buyers wanting to enter the market to take advantage of the Tax Credit, but they are restricted severely by the very poor inventory, and competition from Investors.

I know that in So. California & the Las Vegas Metro area, there is a shortage of inventory that is keeping those buyers from the American Dream. Until the Banks begin releasing the “Hidden Inventory” of properties on their books, we will not see any improvement in the real estate market. Although, we may even experience a greater decline in values if dumping takes place.

The Tax Credit should be extended to allow absorption of the inventory once the investors have exhausted their funds or met their porfolio needs.

And don’t tell me Frank works for a whole in the wall sweatshop!

http://mises.org/story/3669