In my July Market Report, I mentioned that The American Housing Rescue and Foreclosure Prevention Act includes provisions to help homeowners keep their homes.

Another provision provides a tax credit of up to a $7,500 (10% of the purchase price) for first time home buyers. Effectively, it's a 15-year no interest loan with payments amounting around $500 per year, depending on the amount of credit you claimed.

This important credit applies to homes purchased by July 1, 2009 so if you or someone you know is thinking of making the move, now is the perfect time to start looking.

Remember, a mortgage payment may well be cheaper than paying rent...and you pocket the tax benefits instead of your landlord!