It is these low levels of prices that should be taken advantage of by first time home buyers planning to buy a home in Southland. Investors looking for properties in California can also find repossessed houses in Southland that they could turn into sources of additional income. All they need to do is to make their own research of prices and do their cash flow analysis. They should also get ready with their mortgage financing and their closing costs.

In California, first time home buyers can take advantage of the $8,000 federal tax credit and at the same time apply for the state assistance for closing costs and down payment.

Prospective home buyers need to act on their home purchasing plans now because the state home purchase assistance fund is nearing exhaustion and the federal tax incentive is nearing its deadline. The federal tax credit ends on the last day of November this year.

Potential home buyers are also encouraged to take advantage of lower mortgage rates before they go up again. In the past several days, mortgage rates have been climbing up again.

First-time home buyers can also take advantage of FHA-guaranteed loans which is offered at lower rates and with less stricter loan and credit requirements. They can also take advantage of lower prices of repossessed houses for sale in Southland. John Cutts