The National Association of Realtors has posted a chart on their website about the First time Buyer Tax Credit ( American Recovery and Reinvestment Act of 2009 ). The opinion I have on it is very positive. I feel the first time buyers are the ones who begin the domino home buying affect. They haven't yet entered the homeownership world, and don't have a history with mortgage lenders that has negatively affected the economy. They aren't currently dealing with foreclosures or short sale issues, as they do not yet own a home. They also are being screened and sliced by lenders to ensure they are strong enough buyers and in a financial position to safely purchase a home.
This, I believe, is going to help shape the next generation of buyers. We will still have plenty to deal with from our current homeowners and their scars of foreclosures, bankruptcies, and short sales from life changes and job losses, but this new breed of buyers will be well selected and educated. I feel confident this will help change our economy in time. Time is always on our side.