The global financial crisis dealt a very decisive blow to the real estate industry that it was almost at the brink of sinking into the deepest pits as consumers were getting more and more reluctant to purchase any piece of property. Due to the crisis, most would opt not to part with significant amounts of money for a long term investment such as real property; they choose instead to tighten their belts and save the money in fear of an even more difficult state of their finances in the future.

All such reactions are very reasonable and may be expected because spending for real estate is no small concern. This is emphasized by the fact that thee outflow of money does not end with buying the property for a new home. There are offshoot issues; the greatest among them is that funds need to be considered for new home construction and continued financing.

However, the industry experienced a big lift as the last two quarters of the year approach. This is because the expiration of the first-time buyer tax credit looms near on the last day of 2009. Some who really wish to purchase real estate decide to buy now so that they could seal the deal some time within this year, under the protection of such an attractive (promotional) law.