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What is President Obama doing for the housing market?

I'm currently in the market to purchase a new home as a first time home owner. I have a flexible time frame (1-4 months) and excellent credit. I've heard the possibility of a tax stimulus to boost to the US housing market. If a tax credit is issued later in 2009, will I still be eligible for that tax credit if I had purchased a house before the announcement of the credit? Mortgage rates are near all time lows. Do you think they will continue to go down? Thanks

Public Comments

1. Well, he asked advice from the guy that was fired for messing up Fannie Mae: "And after Franklin Raines, the CEO of Fannie Mae who made $90 million while running it into the ground, was fired for his incompetence, one presidential candidate's campaign actually consulted him for advice on housing. If that presidential candidate had been John McCain, you would have called it a major scandal and we would be getting stories in your paper every day about how incompetent and corrupt he was. But instead, that candidate was Barack Obama, and so you have buried this story, and when the McCain campaign dared to call Raines an "adviser" to the Obama campaign — because that campaign had sought his advice — you actually let Obama's people get away with accusing McCain of lying, merely because Raines wasn't listed as an official adviser to the Obama campaign. You would never tolerate such weasely nit-picking from a Republican."
2. go to change.gov you should find info there. Change.gov is Obama's transition policies.
3. i think u shiukd wait.i personally think houses prices will slide even more .i don't see the great things happening now atleast
4. It's very unlikely that any tax credit will be made retroactive. You see 90 days retroactive invites a big argument for people wanting 91, then 92 days ad Infinitum. Interest rates are going to soar once the inevitable hyperinflation sets in so buy now in this low interest environment if you are financing. Don't over extend because when the inflation comes, your income won't keep up. The realtor will have a lot of reasons for you buy the maximum house you can afford but that advice is last century's. Buy now and then watch the storm. When the dust settles, buy again if you've anything left to buy with.