What happens when the tax credit goes away?

As you have heard the current Federal $8000 tax credit is just months from expiring. Most real estate agents commenting on the fact that 38% of the home buyers today are first time home buyers account this large percentage to the tax credit. So what happens when the credit goes away? Does the housing slump pummel to the ground? I would imagine that there will be a huge push at the end of June to get the loans closed and people in the property which will account for record numbers like we saw end of 2009 before the credit was extended. There are still so many people out there wanting to own a home that due to the lack of available credit have not been able to buy a home.
Above the $8000 credit (which I will say is a huge incentive), home ownership has tax benefits above and beyond any other benefit most of us can claim. Mortgage interest deductions in TX alone usually make the difference of a tax payer owing at the year end or getting a check back. So let's not forget that home ownership is still the American dream. It is a dream that is still very attainable with tax credits as well as subsidy incentives. If you are having trouble getting the home you deserve because credit standards are too strict Campaign 82 has a VERY effective credit program that is a third party service with over 15 years experience. If you are serious about buying a home please talk to us about your options as we differ from the rest. I do not care if your credit is too low now, if you are serious we will work together and get you where you need to be. Credit denial happened to me on my first home and no one was there to tell me what to do. In the end it took a lot of time and effort on my part but buying a home was the proudest moment of my life. I want to help, that is my promise.