Essex Mortgage Bank In Santa Rosa Announces The End Of The Homebuyer Credit

The Home Buyer Tax Credit that Has helped increase the slow pace of home sales the past two years is ending this evening.For those who have not entered into a contract by midnight tonight .you have now officially missed out on one of the best opportunities to buy a home in years. End Quote

Santa Rosa, CA (1888PressRelease) May 01, 2010 - Real estate agents are working seven days a week, builders are staying open late and homebuyers are scrambling to get their offers in as they rush to take advantage of tax credits that expire at midnight today.

To qualify, buyers must have a signed contract in hand by the deadline and must complete the deal by June 30. The tax incentives -- offered to both first-time buyers and some current homeowners -- are fueling a strong spring selling season and helping home prices stabilize.

Real estate agents hope the burst in activity, along with the lifting of general economic gloom, will propel the housing market for the rest of the year. Congress included the temporary tax credit in the $787 billion stimulus package signed into law a month after President Barack Obama took office last year. The idea was to bring the housing market back to life. Lawmakers, after intense lobbying from the real estate industry, agreed last fall to extend it until April 30. Nearly 1.8 million households had used the credit as of mid-February at a cost of $12.6 billion, according to the Internal Revenue Service.

The government is offering buyers who haven't owned a home for three years a tax credit of 10 percent of the purchase price, up to $8,000. Single buyers with incomes above $145,000 and couples who make more than $245,000 are not eligible. There is also a credit of 10 percent, up to a maximum of $6,500, for buyers who already own a home. To qualify, they have to have been homeowners for at least five years. The same income limits apply. .

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