As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress passed legislation tin 2009 granting a tax credit of up to $8,000 to first-time home buyers, and $6,500 for second home purchases if certain criteria are met.

The biggest criteria is that to qualify you must be under contract by April 29, 2010 and close escrow by June 30, 2010.

At this time I understand that our Congress and Senate have agreed to extend the close of escrow date until September 30, 2010. This will allow buyers who are waiting for short sale replies the reprieve they need and the opportunity to take advanate of the tax credit.

As always, please call or email me if you have any questions.

Marilyn Cotitta
MCotitta@WestUSA.com

602.819.1600