First time home buyer tax credit set to expire November 30^th

With the $8,000 federal tax credit for first-time home buyers expiring on November 30th, if you haven’t purchased a home yet it’s most likely too late (unless you’re paying cash) to take advantage of this tax credit.  Here in the Victorville CA real estate market it takes the average lender 45 days to close an escrow with many transactions struggling to close within 60 days.  If you’re paying cash you have… maybe a week to get into escrow if you plan on closing before the end of the month (The Perfect Storm is coming) The expiration of this tax credit is causing many house hunters to hustle and prompting a debate in Congress over extending a program that some say is central to the fragile real estate recovery.

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