Thanks to all the helpful comments, after much Internet surfing and after checking on my sources; I have updated my post May 29, 2011 Double Dip Also, I want to give a special thanks to cartoonist Karl Wimer

Governor Schwarzenegger signed AB 183 into law, reinstating the California Homebuyer Tax Credit.

AB 183 will allocate $200 million for homebuyer tax credits, providing $100 million for qualified first-time homebuyers of existing homes and $100 million for purchasers of new or previously unoccupied homes. Eligible taxpayers who purchase a qualified principal residence between May 1, 2010 and December 31, 2010 or who purchase a qualified principal residence between December 31, 2010 and August 1, 2011 with an enforceable contract executed on or before December 31, 2010 may take the allowed tax credit. The credit is the lesser of 5% of the purchase price of the home or $10,000, in equal installments over three consecutive years.

The Franchise Tax Board will accept applications by fax only beginning May1, 2010. Buyers will need to submit the application via fax along with the final settlement statement provided at the close of the transaction within 14 calender days of the close of escrow.

For information, contact the Franchise Tax Board at 888.792.4900.  Applications and more information may be obtained at www.ftb.ca.gov

 Above information is compliments of:  Sara Larson and Erick Lacy at Placer Title Company, Stockton CA

Image via Wikipedia

Here is some very good news for the California housing market! Check out HousingWire.com

Gov. Arnold Schwarzenegger signed a new bill this week that would extend the $10,000 homebuyer tax credit to Californians.

The state legislature on March 22 passed assembly bill (AB) 183, which gives the Franchise Tax Board authority to extend $200m in tax credits to homebuyers in the Golden State. Buyers of new, unoccupied homes are allocated $100m in credits, and first-time homebuyers of existing homes get another $100m.

The credit is extended from May 1, 2010 to Dec. 31, 2010. The credit is available to buyers on a first-come, first-serve basis, and it’s applied in equal amounts over a three-year period.  Read more

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Image by SARhounds via Flickr

The landlord dropped by to collect the rent and now knows all about Sam, the family pet!  He said, ” you better look for another house or get rid of that dog before next month.” 

Why not get rid of your landlord!!! I understand that President Obama was to sign the extension to the $8000 tax credit for first-time home buyers last Friday and also the bill included a tax credit to many other home buyers. Read more…

I found this fascinating quote today:

Congress must have been paying attention (or I tripped on something that other people agreed with!) and the $8,000 Tax Credit was extended this week. In addition, people who have owned their homes for 5 consecutive years (out of the last 8 years) can now get a $6,500 tax credit when they buy a new home.Bill Lublin, MOVEPHILLY, Nov 2009

You should read the whole article.