The US congress has approved the 10% cash back scheme for first time home buyers, subject to a maximum of 8000 dollars, only till November 30th. And normally a housing deal takes anything between 35 days to 50 days. So there has been a mad rush for completing the home buying by many first time home buyers in September 2009.
The month has seen a sharp 9.4% increase in sales which is the highest monthly growth rate in the last 26 years.
Also the growth has come on the back of a drop in median prices by nearly 8% over a year ago prices.
And if the US congress withdraws the scheme by November 30th, there is a possibility for a sharp drop in home sales in the next few months.