It's all over the news (read one of the articles here). President Obama signed into effect the extension and expansion of the homebuyer tax credit.

I know no one has asked my opinion of this. Frankly, it's a double-edged sword. For the sake of all real estate professionals hoping to generate more business during what is traditionally a slow time for many, this is very good news. Not only do first-time homebuyers get to keep taking advantage of the $8,000 credit through ratified contracts dated on or before April 30, 2010, but now homeowners of at least five years can get up to a $6,500 credit for making a purchase in the same timeframe.

The other edge of the sword: will we perpetuate the issue of people buying homes who really shouldn't be, and thus create more distressed property owners three to five years down the road? And further, will we as a country be lulled into thinking that increases in home purchases will solve the economic crisis?

Bottom line: we need more jobs in this country. With unemployment officially topping 10%, the highest rate since 1983, I believe job creation has to happen if we're going to recover.