Palm Springs Area Real Estate

The President of the California Association of Realtors, James Liptak explains what does the Tax Credit Extension and Expansion mean: "As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances. Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains t

In a 98-0 vote the Senate today voted to pass the Extension of the Tax Credit for home buyers, and it is expected to pass in Congress and be signed by President Obama on Friday. More details of the extension will follow. That is great News for First Time Home buyers who were trumped by investors paying cash for affordable housing. Now they get a second chance. At least in our Palm Springs area, it was frustrating for many first time buyers who qualified with flying colors to purchase a home. Many submitted offers on Bank Owned houses, contended with the frustrations of the waiting period, only to find out that their offer was trumped by investors paying cash and winning the properties for less than the asking price. That scenario was getting very familiar during the past couple of months, when buyers were trying to stay within the Tax credit deadline date of November 30. Now these folks will have some more breathing room, and the economy might get another shot in its recove