While national home prices have been reported on the decline (reference our May 26, 2009 blog post: Home Prices Continue Decline Nationally"), the National Association of Realtors® (NAR) has recently released data showing that pending home sales are up for the third month in a row.
What's leading this buyer return to the real estate market? The NAR says that "Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit".
To read more: NAR Press Release: Pending Home Sales Up for Three Months in a Row.
The Federal program is "A tax credit of up to $8,000 ... available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009".
To learn more about this Federal program, please read here:
Federal Housing Tax Credit for First Time Home Buyers
Many states have their own "stimulus" program for home buyers.
In California, there is a tax credit for "qualified home buyers" who purchase a "qualified principal residence that has never been occupied". To learn more details about the program, read here: California Tax Credit for New Home Purchase