California homebuyer tax credit going, going….

I found this article today and it matches up with what I heard one week ago at my California Association of Realtors contract training class.  Although the author is in the Bay Area, it applies to us as it is a State Fund.going_going_gone

The popular state homebuyer tax credit returned Saturday after running out of money last year in just four months. But if you’re interested in obtaining the tax break to help reduce the cost of buying a home, you better act fast.

Funding for the credit could be used up within three weeks, said Michael Tessaro, a Realtor with East Bay brokerage J. Rockcliff Realtors and a director with the California Association of Realtors.

Association economists are projecting that funding set aside for the tax credit will be used up quickly, thanks to an expected flood of delayed closings by homeowners who hope to qualify for both the state and federal credits.  Read on:

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