by Steve Handelsman
WASHINGTON (NBC) - The housing comeback set an all-time record. Sales of previously owned homes rocketed up more than 10% in September, but that rise was powered by first time buyers using a tax credit that will run out next spring.
"It does end April 30th, and much like Cash-for-Clunkers, we could see a big drop-off after April 30th," explains CNBC's Diana Olick. "Also remember that the government has been artificially keeping mortgage rates low by the Fed buying Fannie and Freddie securities that ends March 31st."
By next spring, joblessness might be even higher than the current 10.2%.
"It will be about six to nine months before we see job gains" said economist Richard DeKaser.
That's adding more pressure for President Obama, whose economic point man, Treasury Secretary Tim Geithner, is getting hammered by Republicans.
"The public has lost all confidence in your ability to the job" said Rep. Kevin Brady (R) – Texas to Geithner in a congressional hearing.
The president met with Geithner and the rest of his cabinet on Monday.
"I will not rest until businesses are investing again and businesses are hiring again and people have work again" said President Obama.
Mr. Obama is resisting calls for a second stimulus package and fighting off charges that he's exaggerating job gains from the first.
"The president and Congress took the necessary action to institute a recovery act that has helped spur our economic growth" said White House Press Secretary Robert Gibbs.