Market direction

Yes.

if you're buying a coop, the deadline has passed. unless you buy cash, there's no chance to close by June 30th. if you're buying a condo or a house, it all depends on your bank. it can take 45 days or 90 days.

all of this is considering that you already found a place and can get the contracted fully executed within 10 days.

The low end of the market will go down, because the credit was partially factored into the prices. Expect a significant dropoff in sales volume in the <$500K market. More declines if rates start to creep up.

"Expect a significant dropoff in sales volume in the <$500K market. More declines if rates start to creep up"

Exactly. Interest rates will be the next thing to watch. A 1% hike on a million dollar loan is $10K per year in additional costs. A one time 8K credit pales in comparison.

And if rents don't go up in the next year, sales have to come down to meet and greet.Lemmings or not.