In his State of the State address on Wednesday, Governor Schwarzenegger called on the legislature to extend last year’s first time home buyer tax credit and expand it to include the purchase of existing homes as well. This complements the California Association of Realtors' already introduced legislation, SB 206 (Dutton) that would provide an $8,000 tax credit to those who purchased a bank-owned property that will be used as a principal residence.
The problem that I foresee is where the funds will come from for all this largess, especially now that the courts have overturned the unpaid days off for government workers, and the governor is also promising more money for schools. Last year, the State ran out of tax credit money very quickly.
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