California Homebuyers Tax Credits are Not Going to Last Long

As you may know the California first-time home buyer tax credit was extended, to commence on May 1, 2010 and end on December 31 2010.

It is anticipated that the $100 million allocated is going to run out within the first few days.  There is also $100 million available for new homes that have never been occupied.  Both available on a first-come first-served basis.

The California Association of Realtors economics team estimate that the funds may last only 10-20 days based on May sales figures.  They did not take into consideration the fact that buyers may delay their April closings until after April 30 to take advantage of the Federal and State first time home buyers tax breaks.

It will be interesting to see how long this program will last.

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