It’s mad dash to the finish line as the $8,000 tax credit for first time homebuyers expires in about six weeks on Nov. 30, 2009.

The National Association of Realtors today released a report that reveals existing home sales were up nationwide nearly 24 percent in September (compared to Jan. 2009). It’s the largest increase in more than 26 years, according to the Associated Press.

The primary reason for the surge?

First-time buyers are scrambling to take advantage of the limited time government incentive, which was introduced earlier this year to spark the flagging housing market.

Lawrence Yun, NAR chief economist, had this to say regarding the good news:

“Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home. We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Currently, there is no telling if the tax credit will be extended. However, there are several key Senate lawmakers who are lobbying hard to keep it alive and well into 2010.

We’ll keep you posted.

In the meantime, feel free to search Foreclosure.com for the best real estate deals in your area before someone else beats you to it.

“… any time that there is an opportunity to receive cash back, it tends to attract people that might have an intent to defraud the government.”

So says Linda Stiff, IRS deputy commissioner for services and enforcement, who is investigating more than 100,000 questionable applications from “first-time” homebuyers who want $8,000 tax credits for their recent property purchases.

Illegal immigrants, underage buyers (one as young as four years old), previous homeowners and other shady individuals among the 1.5 million looking to take advantage of the program have raised yellow flags at the government tax agency.

However, the IRS is quick to point out the many of those flagged for further inspection could be found to be “legitimate” when all is said and done.

Currently, the $8,0000 tax credit, which is a key piece of the landmark $787 billion stimulus package enacted earlier this year, is set to expire on Nov. 30, 2009 (it began, retroactively, on Jan. 1, 2009). It’s possible that the popular program could be extended into 2010 because thus far it has been a “vital part” of the national economic recovery effort in the United States.

However, if it is riddled with “fraud” and other problems it may make decision makers think twice about renewing it.

For more on the $8,000 tax credit be sure to check out our topic archive right here.

It’s that time again.

REDC, one of the nation’s most reputable and successful real estate auction companies, will conduct public foreclosure sales from this Saturday (Oct. 10) through Thursday (Oct. 29) in several states, including Alabama, Georgia, Mississippi, North Carolina, South Carolina and Tennessee.

It’s six more consecutive days of super sales on condominiums and townhomes, as well as single- and multi-family properties. All told, 467 properties combined must be sold in less than one week.

Bids can start as low as $500 because everything must go!

If you’re looking to take advantage of the best real estate deals in these areas then definitely check out REDCs foreclosure lender auctions.

Here are the locations (For complete details click here):

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You already knew the housing market was hot. We’re here to tell you it’s hotter than ever.

Historically low home prices and interest rates, coupled with an $8,000 tax credit and other incentives for things like “green” renovations, means you can get in on a fantastic deal and still have cash left over in your pocket.

Foreclosure.com is here to help you navigate the exciting process of distressed property investment, but you won’t have forever to make a decision.

New foreclosure rates are slowing. Housing prices are stabilizing in many parts of the country. The $8,000 tax credit vanishes in just two months.

What does it all mean? The time to act is now.

The October 2009 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details the “Hot Market” near you and how you can get in on the scorching action before it’s too late.

From how to find fabulous deals in your area to identifying the expert agent in your community, we get you started on the path to making (or saving) a ton of money with discounted real estate right in your backyard.

Check out “Hot Market” today because the time to act is now — remember the clock is ticking to get your piece of the pie!

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

RealtyBid.com, which has sold more than 3,000 foreclosed properties to investors throughout the nation in recent years, experienced a 211 percent increase in real estate sales last month (Sept.) when compared to the month prior (Aug.), according to a recent article in the Birmingham Business Journal.

Company CEO, Tony Isbell, attributes the surge to government moratoriums on foreclosures being lifted.

Here’s a snip:

“We expected to see bidders take advantage of the unbelievable (bank-owned) bargains we had to offer in September and they did. Year-to-date, September is by far our biggest sales month of the year and it’s our second biggest sales month ever.”

Remember that RealtyBid.com is a trusted Foreclosure.com partner — we even have a dedicated page that lists home auctions and properties located throughout the the nation.

To check and see if there are any amazing deals (currently 427 properties) in your area right now click here. Be sure to check back often because we add new listings frequently.

The national lenders that own these properties are super motivated to sell them all as quickly as possible. So if you have ever wanted to make money investing in real estate, this is a tremendous opportunity.

This is your opportunity to purchase real estate properties at greatly reduced prices. The terms of purchase are 5 percent down and a 30-day closing process.

Don’t miss out! Check out the upcoming auctions in your area right here.