Homebuyer's Tax Credit Set to Expire on Murrieta Foreclosures
Category: Real Estate Trends
Published: Tuesday, September 01, 2009
The $8,000 first time homebuyer's credit is set to expire in November and buyers are busy finding the best deals on Murrieta foreclosures and Temecula bank homes. Total Riverside County sales rose 14% in July according to market analyst MDA DataQuick, with nearly 7,000 transactions closing escrow. Among Murrieta sales, many of which were Murrieta foreclosed homes, there were 299 sales. Nearby Temecula foreclosures generated approximately 225 sales.
The recent rise in home sales is being attributed to both historic low prices, down over 40% from their peak in 2007, and the federal tax credit that grants up to $8,000 to first time homebuyers that is slated to expire in November of this year. Originally expected to end in June, Congress took action to extend home buying credit in an effort to help qualified buyers find great deals on foreclosures.
Temecula Foreclosures Hit Hard By Falling Home Values
The tax credit program has been a tremendous success by all accounts, with nearly 20,000 homes in Riverside County changing hands this year. Many of those transactions have been Temecula foreclosed homes, with home values down 21.7% over last July and down 41% from their peak in April, 2007. As a result traditional home sellers in Temecula are holding onto their properties, hoping values will rise once the bulk of Temecula bank owned homes are off the market.
Buyers hoping to get the best pricing on Temecula bank owned property and Murrieta bank homes have a short time left before the home buying tax credit expires. Prices remain at their lowest in years and if you are a first time home buyer looking for affordable dream homes in the Murrieta and Temecula valleys, now is the time to act.
Oak Tree Realty Group Murrieta is your Southwest Riverside County foreclosures specialist and can help you find Murrieta bank owned homes, Temecula foreclosures, Winchester foreclosures or Menifee bank homes that fit your lifestyle and your budget. For a customized showing of the best properties in Riverside County, contact the neighborhood specialists today at 1-877-226-4800.
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