Castaic home owners beware don't count on any further extension of the home buyer tax credit if you plan on buying some Castaic Real estate. The credit expires at the end of April.
Congress initially passed a $7,500 tax credit for first-time home buyers two years ago. The credit had to be repaid over 15 years, and last spring, Congress extended the credit, expanded it to $8,000 and waived the repayment provisions. The extended credit had been set to expire in December 2009, and Congress extended it once more last fall. Also, a separate $6,500 tax credit was created for home buyers who already own a home.
Luckily home buyers in Castaic the California's legislature has created a separate $10,000 state tax credit.
But industry groups now say that the tax credit has run its course. "It's time for the housing market to stand on its own two feet," says a spokesman for the National Association of Realtors. A spokesman for the National Association of Home Builders says the group isn't "actively asking for an extension at this time."
Castaic home buyers who are close to a deal still have until next Friday to sign a contract to stay eligible for the credit. Contracts signed by April 30 have until the end of June to close.
The expiration of the tax credit will represent the removal of the second major government support to the housing market in as many months. So far, the mortgage market hasn't experienced any major hiccups Castaic short sale, foreclosure, and bank owned property are still selling in multiple offer. For more information on Castaic homes for sale please go to http://www.two4onehomesforsale.com/ .
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