Stop Home Foreclosure

In California’s devastating real estate market, there may be a light at the end of the tunnel. California has undergone a transformation in home ownership over the last 18 months. Prices have plummeted and the government has enacted a stimulus package for current home owners and a tax credit for first time buyers.

Now is a good time to purchase a home in California and take advantage of the tax break. If you are a first time home buyer and have not owned a home in the past three years, then you may be eligible for an $8000.00 tax credit on your 2009 return. To do this you must purchase you home between January 1st. and December 1st. of 2009 and cannot of owned a home in the past 3 years. The home must be your primary residence, which would also include houseboats, condos and trailers.

Most of the homes that are on the market for sale in California are a result of recent forclosures that are owned by the finance companies. Most of these homes are in very good condition and can be bought for 41.5% to 66% less, making it a very good time to buy a home. With the prices as they are, it has made California one of the leading states in home purchases. Homes have not been this affordable in many decades.

Unfortunately, for the people who are still struggling to keep their homes or need to sell because of finances or other circumstances will take a loss in the value of their home. The federal government has created a bail out for these California home owners through credit counseling and low interest financing, but for some it has come too late.

The best bargains on California homes are not always advertised. Get in touch with a real estate agent, or research potential bargains on the California state MLS listing. Frequently for sale signs are not posted on the home, or advertised in the local newspapers; therefore, the property may go unnoticed by prospective buyers. If you do your own research on the California state MLS listing and find the right property for you, a real estate agent can make the arraignments for the buyer to take a tour and make a decision on that piece of property.

With housing prices going down as of late in California now is as good an opportunity to own a home as ever before. On average if a family makes $53,000 they can now live the California dream and live comfortably knowing they can afford the mortgage.

Now more people can take advantage of the benefits of home ownership, and can afford the plummeted prices, with the help of several resources for individuals to make their dream come true. Organizations like Neighborworks homeownership center, resale of HUD homes, Counseling and Education, veteran loans, Neighborhood Assistance Corporation of America, mostly based out of Sacramento, California are establishments ready to help get people on the track to purchasing a home in California.