Saturday, April 17, 2010

California State Expected to Run out of Money the First Month of Its Homebuyer Tax Credit - Starting May 1, 2010

California legislature and Governor approved $100 million towards a first time homebuyer tax credit, which should be available for those who go under purchase contract and close escrow on or after May 1, 2010.
But how long will it take for the state to use up the $100 million?  Will there be any of this money for you as a buyer?
The state is said to be expecting to use about $5,700 for each homebuyer against the $100 million, which would be 17,543 first time home buyers.
Based upon the current buyer market demand for homes in CA, that $100 million might last just two weeks.  It will be interesting to see what Gov. Schwarz does with this one?

Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Always hire an experienced local REALTOR to help you with the sale or purchase of a home.  Irvine home sales continue to lead the way for Orange County housing market recovery.


Posted via email from Explore OC Homes


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