It is of course possible that Congress will extend the act at the last minute, but this is just one example of many "ifs" still present in the market. Mortgage rates may be low now, but some say they could move up next year, influenced by factors outside the Federal Reserve's recent attempt to lower them (QE3). Home prices appear to be improving, but a new flow of distressed properties could lessen those gains this fall. And again, so much still depends on jobs. S&P's David Blitzer may believe housing is back, but his colleague Robert Shiller said last week that he wasn't convinced. Suffice it to say, the housing market has come a long way, but it still has a long way to go. -- Written by Diana Olick at CNBC.