For BuyersFor SellersGeneral Information April 1, 2010

Extended CA tax credit and housing prices

.ExternalClass #ecxwmQuoteWrapper #ecxwmQuoteWrapper .ecxhmmessage P {padding:0px;} .ExternalClass #ecxwmQuoteWrapper #ecxwmQuoteWrapper body.ecxhmmessage {font-size:10pt;font-family:Verdana;}The state of CA recenty announced an extended tax credit which also includes buyers of new homes (not just first-time buyers).   This credit is purchases made after May 1st and before Dec. 31st of this year  (however, when they did a similar tax credit last year, the funds were used up in  4 months).   This is a separate credit from the $8000/$6500 for new homebuyers/existing owners buying a new primary residence that requires the escrow to be opened by April 30th (less than a month away) and closed by June 30th.   It is unclear as to whether or not someone can “double-dip” for a total of up to $18K in credits by opening escrow before April 30th and closing between May 1st and June 30th, so please consult your tax adviser on how these credits can be applied to your specific situation:
2010 Tax Credit for New Home / First-Time Buyer
This will hopefully help to continue the rise in prices which CA has experienced in the last year.   Just as CA was the first to rise and the first to fall in the last cycle, the state seems to be leading the way again in the housing recovery at last.

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