My guess is this tax credit will not benefit very many people. Mortgage companies were loaning money to anyone and everyone over the last three years. With the way the credit market has tightened, I just do not foresee that many first time home buyers between April 1, 2008 and July 1, 2009 (the period the tax credit is available).
And why does congress have to keep making things so complicated? Either give the credit or don't give the credit.
Am I wrong in my observations? let me know your thoughts by commenting.