DataQuick said 43 percent of all homes sold in Santa Clara County was in foreclosure upon sometime in the previous 12 months. The number for Alameda county is 46.2 percent. Evidently, most of the current sale is being driven by foreclosed properties; that also explains the falling median prices in these counties. But before jumping on the bandwagon be cautioned that not all foreclosed houses are good deal. Most foreclosures sell at a discount, but the benefit of a lower sales price is often negated by the cost of repairs required to restore the home to a livable condition. Foreclosed properties often have not been maintained due to the distressed financial situation of the seller. Read more..
The credit will be provided in equal amounts ($3,333 for the $10,000 credit) over the three successive taxable years beginning with the year in which the purchase is made.
