Buyers have an opportunity to save big between March 1, 2009 through December 31, 2009. The State of California is offering a $10,000 credit for newly built homes. The property will have to be your principal resident and you will have to live in it for 2 years or you WILL have to repay the tax credit.

Plus the Fed is offering a $8,000 tax credit and you take advantage of both the State & Fed tax credit for a total savings.$18,000 don't miss this one time opportunity.

If you are buying a resale home you still can take advantage of the Fed credit until the end of the year. I wouldn't wait much longer before buying a home in the last 3 months distressed homesellers down 16% over the last 3 months. The amount of distressed homes keeps reducing either by loan modification of resale home sale.