First Time Home Buyer Tax Credit-Is It Working?

There has been a lot of hype over the last vew months regarding the first time home buyer tax credit. Most would agree that home sales have increased significantly; however, 3 out of 4 homes sold are still foreclosure and bank-owned properties. Overall, the rate of new foreclosures has dropped. January brought a drop across the board in Notices of Default, Notices of Trustee Sale and auctions. This drop can primarily be attributed to the changes taking place with the country's lending institutions. Click here to view ForeclosureRadar's California Foreclosure Report.