Most people get a certain picture inside their head when they hear “inside the Beltway”.  It’s about Washington, DC.  Not the city, itself.  Although, the city has more than it’s fair share of interesting characters and political scandals. No, it’s usually about the National political scene — Congress, the White House, the Supreme Court.  What ridiculous thing is going on this week?

When you’re “inside the Beltway”, the newspaper is filled with this stuff.  There are huge, full color photos on the front page, the Metro section is filled with it and, every so often, even the Style section is filled with it. If you live here, you’re literally full of it.

On the occasion I step outside the Beltway I get a refreshing break from all the political hubbub.  It seems that once you get about 50 miles away the communities, towns and cities have other things to worry about other than Joe Wilson shouting out in Congress or that companies that making personal hygiene products are starting to, er, clean up on the swine flu scare by selling lots of “antiviral” products to schools and businesses.  It’s actually kind of refreshing.

Now, I’m back in the bubble.  No, not the housing bubble, the dotcom bubble.  I’m back “inside the Beltway” where everyone and everything has earth shaking importance. Rumors take on the mantle of gospel truth.  Here’s an example of a rumor I just love to hear:

The $8,000 First Time Home Buyer Tax Credit is about to be both extended past the November 30th deadline and expanded to include all home buyers regardless of whether it’s a first home or ninth home. Some even say it will be increased to more than the current $8,000 (some say $15,000).

Rumor, pure and simple.  Yes, there are forces trying to accomplish just this — the National Association of Realtors, for one. The NAR is a pretty big interest group and they have lots of money to pay high powered lobbyists.  However, I’m not really sure Congress has the appetite to spend more money.  This may especially be true if the housing market continues to show signs of very, very slow recovery.  Even a slow recovery is a recovery.

My advice: don’t count your chickens before they’re hatched.  Congress may act at the 11th hour.  They’ve done so before. I wouldn’t count on it, though.

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