Sales are being constrained by rapidly declining inventory of available homes which has dropped to the lowest level since March of 2006.
The first time home buyer tax credit of $8000 has been extended and higher income buyers can qualify. The program has also added existing homeowners to the incentive offering a tax credit of $6,500.
These incentives are expected to jump start the market in 2010 but the requirement to be in contract by April 30th may increase competition for the available homes.
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