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Home prices in San Clemente have been up and down over the past year, with a downward trend these past months. Inventory is declining, as is typical this time of year, but houses are taking longer to sell.

Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement. (…)

Rick Sharga, RealtyTrac’s Senior Vice President, and frequent network talk-show expert on housing, presented to a packed room of Prudential California Realty’s Orange County agents on Tuesday, November 11, 2009. RealtyTrac provides the largest database of foreclosure information in the country, covering 2,200 counties and 92%-94% of all U.S. households. (…)