Nov. 2nd, 2009 By ALAN ZIBEL AP Real Estate Writer: http://abcnews.go.com/Business/wireStory?id=8974250
The amount of pending sales are due in large part to the amount of many first-time HomeBuyers who took advantage of 
the $8,000 tax credit (which ends this month).
We're waiting on final approval for AN EXTENTION of the $8,000 tax credit for HomeBuyers who sign an agreement by April 30th, 2010 with the additional caveat of a $6,500 credit to Homebuyers who have lived in their prior residences for at least five years (all of which could receive final approval in the coming weeks): http://www.bloomberg.com/apps/news?pid=20601087&sid=aoI9KTlHpwzI
Obviously, as a REALTOR® I have a "vested interest" in the tax extension. But I also believe that every time a first-time HomeBuyer purchases a home, it has a "domino-effect" on as many as seven other real estate transactions (the Seller of the home that the first time HomeBuyer purchased now go on to purchase a new home, and so on, and so on).
All these real estate transactions have a positive effect on the ecomomy as contractors, inspectors, plumbers, electricians, home furnishings, home remodeling & building supplies, etc., etc., even state and local governments - are all effected in a big way.