I know it sounds too good to be true, but this is the federal government's way to stimulate the housing market that has been in a slump in recent years.

I'm just getting into this industry myself so I don't want to give any impression that I've got the answers; rather, I just throw out thoughts and questions to stimulate discussion from the seasoned pros on here, who do know what they're talking about

The initial implications would seem to be significant, given the elimination of deductions, but the long-term effects might negate the initial loss due to the (potential) economic stimulation that it could induce.  

Darrell, if your brother is an actor, he uses his education everyday, had he tried to get into his profession by saying: "Howdy folks, I never been in acting before, I'd be sure to do it all pretty good" he wouldn't have been given the time of day, much less a chance.While I am sociable with anyone and I hire people appropriate for the job, I don't really hang around illiterate slow minded types, I can love'em, but they just don't stimulate me in social settings or in business as much as a better educated and informed person does.

Blame the failure of stimulous on Bush?

If your offer is too low to stimulate a conversation, then offer a little more.

@Joshua Dorkin perhaps this thread will stimulate your recollection:http://www.biggerpockets.com/forums/25/topics/107867-only-three-more-days-to-lock-it-in-have-you-heard-the-news?

Prices have come down appreciable to stimulate this section of the market.

Also as we moved up to larger properties where value was determined by the income of the property versus appraised values  we found that to be more stimulating.

@Brian Gibbons- First off, thank you for presenting your question in a manner that stimulates conversation.