In many places in the United States there are still a substantial number
of home foreclosures on the market, the number are so plentiful it
takes months for banks to process them for sale. But, because 
of President Barack Obamas current $8500 tax break for first time
home buyers, (including those who have not purchased a home for
three years), homes are selling and prices are stabilizing or going
up slightly in some areas. The low interest rates are also a reason
homes are selling.

The following Are Qualifications For The Home Buyers Tax Credit:

1. You will get a tax credit of $8500 that does not have to be repaid.
Previous tax credits had to be repaid when the house was sold.

2. A first time home buyer is defined by current legislation  as someone
who has not owned a principle home for 3 years. Therefore, if you owned
a vacation home within three years, you will still qualify. Time is
calculated from the date of title transfer.

3. This program is only for 2009 buyers. Only those who purchase a home
on or after January 1 and before December 1, 2009 are eligible for the
credit. Anyone who bought a home last year won't be able to take advantage
of it.

4.This tax credit is not open to all incomes, it has limits. Single
buyers need a modified adjusted gross income of $75,000 or less to qualify
for the full credit, and $150,000 for married couples. Those earning more
than these thresholds may be eligible for reduced credits.

5. Because the tax credit is "refundable money", you can still take advantage
of it if you have a small tax liability. That is, you will receive the money
after you file your taxes and include this credit, even if you owe no taxes.

6. As a buyer you have to own your home for at least three years in order
to capitalize on the credit. If you sell the home before this, you will have
to return the credit to the government. (Exceptions will be made in certain
cases, such as death or divorce.)