Sacramento Real Estate Views

New California Tax Credit Bill Signed

Home Buyers Get $10000 For Purchasing in 2010

Governor Schwarzenegger just signed into law a bill, AB 183, that gives an incentive for home purchases between May 1, 2010 and December 31, 2010.  Buyers will receive a tax credit of up to $10000 distributed equaling over a three year period for purchasing a home in 2010.  The total amount the bill allows is $200 million.

$100 mil is for first time home buyers of existing homes and $100 mil is for anyone purchasing a new construction, unoccupied home or what’s commonly referred to as “standing inventory” in new construction.  These days, there isn’t a lot of standing inventory available but this may prompt home builders to put some people back to work.

The state tax credit is starts where the federal tax credit ends on either April 30th  or June 30th.  The tax credit will be granted on a first come, first served basis until all funds are exhausted or December 31st, whichever comes first.

The home buyer must not be a dependent nor can a home be purchased from a relative.

The last tax credit from the state was approved in February 2009 and ran out just four months later.  While the total amount of the credit has been expanded, demand will still be high. 10,659 buyers were able to take advantage of the last tax credit.

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New FHA Guidelines Make It Harder To Qualify

Changes Could Affect Values

The new FHA guidelines, along with the expiration of the first time home buyer tax credit, could adversely effect home values in the Sacramento real estate market.

And let’s not forget the regions 15% unemployment.  This is not a good combination for our region.

Just when we thought it was safe to go back into escrow.

With guidelines changing and loans for first time home buyers, or anyone for that matter, getting tougher to qualify for, a sales decline and resulting inventory increase could depress home values in the region again.

The word on the street is that more homes will be coming on the market soon.  A quick inventory check doesn’t show that there have been any significant increases yet.

Is that hissing sound the air being let out of the nice little recovery we had going?  Or just the ringing in my ears that’s been there since 2007?

Changes In FHA Policy

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Tags: homes for sale sacramento roseville rocklin