Welcome to the other side of the buyer credits. No more $8k for qualified first time buyers or $6500 for move up buyers. I would guess last week there were a lot of buyers very motivated to get into contract on a house to tap into this incentive. For those sellers and buyers who are still not under contract don't fret. I am pretty sure the world will continue to spin without the governments generousity.

For you buyers out there. Rates manage to remain very low which gives you purchasing power. Low rates mean you can buy more home for a low payment than when rates go up. So don't scrap your plan to purchase a home because you aren't getting the credit...buy because rates are low and prices are still very affordable.

For you sellers. You have already discounted your house and prices seem to be stabalizing so you you should feel good about selling your home if its well priced in a good market. Buyers who are looking at your house from this point on are likely 'real' buyers and will be looking for the value in your home...not a refund on their taxes.

Yes...Its May and the housing market isn't going to implode. Happy house shopping!