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Here's some exciting news...

California Lawmakers have voted to extend a $10,000 tax credit for first-time homebuyers.

The credit will apply to first time buyers who purchase new or existing homes between May 1st and Dec 31st of this year.  ( the current buyer's tax credit ends 4/30/10)  

It is for 5% of the purchase price, or up to $10,000.

The bill received bipartisan support in the Assembly and Semate on Monday and will be sent to Gov. Schwarzenegger, who stopped in Salinas last monday to discuss extending the home buyer's tax credit.  Gov. said " We need to inspire people to buy home, the tax credit does that"

This should help the struggling housing market to stabilize and stem the downward slide of property values.

For more information you can go to :

http://www.kcra.com/money/22914818/detail.html