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The good news is that the $8,000 credits for first-time buyers and up to $6,500 for repeat buyers are still in effect until April 30th, 2010 for signed purchase agreements and closings on or prior to June 30th, 2010.  The original expiration date of November 30th, 2009 was extended to the dates listed above to continue the first-time and repeat buyer incentives.  The housing tax credits had bipartisan support in the United States Senate passing by a vote of 93-0. 

While home sales are clearly up from where they were in late 2008 and early 2009, prices remain in flux.  The national median price for an existing single-family home was $172,900, or 4.1% below the median price in fourth-quarter 2008. That was the smallest price decline in more than two years.  Prices actually rose in 67 out of the 151 Metro areas surveyed in the 4th quarter of 2009.  Of the 67 that reported price increases, 16 of them had double-digit increases lead by Saginaw, MI.  But, a 15% increase in foreclosures in January of 2010 compared to 2009 may keep prices from climbing much in the near future.  Foreclosure filings are expected to climb in 2010 vs. levels seen in 2009. 

All signs point to another good year for home buyers in 2010 - tax credits, low interest rates, plenty of inventory, and stable if not declining prices all make 2010 a great year to purchase a new home!