The race to meet the $8,000 tax credit for first-time homebuyers, as well as the $6,500 incentive for existing owners, ended on April 30, 2010.

And according to a report released today by the National Association of REALTORS®, a rush of buyers made a mad dash to the finish line and crossed it at the last possible moment.

Sales of pre-existing homes rose 6 percent in April 2010, making it the third consecutive month-over-month increase and the highest level since Oct. 2009.

Lawrence Yun, NAR chief economist, talks about the power of the tax credits:

“There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales…. The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure.”

All told, more than 2.6 million households took advantage of the tax credit as of April 2010, according to the Internal Revenue Service, at a cost of $18.7 billion. Those numbers will likely rise in the near future — homebuyers who have signed sales contracts (as of April 30, 2010) still have until the end of this month (June) to finalize their deals and qualify for the credits.

Did you miss the deadline?

The good news, for buyers/investors, is that mortgage interest rates and home prices are still at all-time lows. Feel free to search for foreclosed home for sale in your area right here.

And according to Lew Reich, an agent at Keller Williams Realty in Plano, Texas, the rush to get contracts signed in time has been hectic:

“It’s gone nuts. We’re seeing a very strong rush, strong sales, a lot of people are being energized by the end of the credit.”

The nearly two-year program, which was introduced to help boost a struggling nationwide housing economy in July 2008, officially comes to a close on June 30, 2010.

That’s if and only if you can get a binding contract dated no later than today (April 30, 2010) in your hands. As long as it closes in the next two months,  you can still claim your $6,500 or $8,000 tax credit.

To search for the best deals in your area right now and potentially get in at the last possible minute click here.

There’s always the slim possibility that the tax credits will be resurrected in the future, especially if the program is deemed a success once the dust settles. For now, however, don’t count on it.

Lawrence Yun, the chief economist for the National Association of REALTORS (NAR) explains via The Wall Street Journal:

“We know that foreclosures will remain high. We’ve had this shadow inventory coming on, and it is being absorbed…. If this year’s [autumn and winter] sales can match up with last year, when there was the credit, then we can say that the housing market is back on its feet.”

Here’s to hoping.

In the meantime, check out the foreclosed homes for sale in your target market right here.

Remember: You need to get a deal in the works by this Friday, April 30, 2010, and close by June 30, 2010, to be eligible for the first time ($8,000) or existing ($6,500) tax credits.

Of course, the limited-time blog reader special discount on our FREE 7-Day Trial is also set to expire at the end of this month.

Hurry!

Be sure to act fast because the best deals — and these incentives — won’t last much longer! Search now.

… because home sales nationwide are better than they were before the incentive was introduced earlier this year, according to Lawrence Yun, National Association of Realtors® (NAR) chief economist:

“Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions…. Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices. Extending and expanding the tax credit also would help to keep other families from becoming upside down in their mortgages or risk foreclosure.”

NAR continues to push hard to extend the $8,000 tax credit for new homebuyers, which is currently set to expire on Nov. 30, 2009. Regardless of what happens, the trade association reinforces once again what we have been shouting from the rooftops:

START SEARCH RIGHT NOW BEFORE IT’S TOO LATE!

We’re down to the wire — two months in the real estate business can go very fast.

Time is running out to claim the $8,000 first-time homebuyers tax credit! We’re down to three months before the limited-time government-sponsored program expires on Dec. 1, 2009.

That might seem like enough time to get in on the action; however, finding, financing and then closing on a home can take as much as 90 days. And if it’s a short sale then the process will likely take longer … much longer.

So if you have any intentions of saving as much money as possible on the home of your dreams then the time to act is right now.

We decided to sweeten the pot, which will hopefully provide you with even more incentive to search for the best real estate deals in your area before the prices start climbing back up. And before the last-minute rush on the most affordable homes begins … if it hasn’t already.

For the next three months (Sept. 1, 2009 to Dec. 1, 2009) we are giving our blog readers and Twitter followers a special discount offer to search our nationwide real estate database of more than 1.8 million distressed real estate listings. We refer to it as the “Tax Credit Countdown.”

Foreclosure.com is already FREE to search for seven days — no strings attached, cancel at anytime. However, sometimes house hunters need more time to comb through and visit all the awesome deals right in their backyards.

Therefore, we’re slashing our monthly subscription — already among the cheapest in the industry — by 30 percent! That’s savings, on top of tax credits, on top of more savings (you can find homes up to 50 percent off on Foreclosure.com every day).

So how do you get started? It’s simple.

Just visit this registration page: www.foreclosure.com/registration.html?rsp=0 and insert the phrase “taxcredit” (no quotes … just taxcredit) where it says “Click here to enter a promo code” (see screen shot in the extended entry).

That’s it!

If you find a deal within seven days, which many of our subscribers often do, then our special offer is simply not a factor in your overall savings. You got it all for FREE, saving a ton in the process … and that’s just fine by us!

While the final numbers may not be available for a few weeks or even months, a preliminary report released earlier this month by the Treasury Inspector General for Tax Administration indicates that the recently introduced $8,000 tax credit for first time homebuyers is working better than expected.

In fact, as of either March 6 or March 7, 2009, the Internal Revenue Service (IRS) it appears that about 1.4 million taxpayers intend to claim the the tax credit on their 2008 tax returns. And as Inman News points, out that’s very close to meeting or exceeding “the 2 million target set by lawmakers before it sunsets Nov. 30, 2009.”

Of course, taxpayers had until April 15, 2009, to claim the credit on their returns, which means that the estimated 1.4 million figure will likely increase. What’s more, buyers who buy between then and Dec. 1, 2009, can also pocket the $8,000 on their 2009 tax returns.

But there does appear to be a little confusion: Of the 567,685 households that claimed the tax credit, 38,158 weren’t eligible because they may have been homeowners in the last three years.

So be sure you know the requirements before filling out form number 5405!

For those who may be a little late to the party let’s do a quick reset of the $8,000 tax credit, which was part of the $789 billion American Recovery and Reinvestment Act of 2009 — a blockbuster stimulus initiative that is expected to boost employment and jumpstart the national economy.

The new bill provides a first-time home buyer with an $8,000 maximum tax credit (or 10 percent of the purchase price) on a purchase made before Dec. 1, 2009. It can be claimed on a 2008 (due this April) or 2009 (due next April) federal tax return and does not need to be repaid if the person resides in the property for more than three years.

In addition, first-time homebuyers who bought in 2008 (April 8 through Dec. 31) have been rolled into the equation. However, the maximum credit is $7,500 and must be paid back over a 15-year period.

For more on the $8,000 home buyer tax credit click here. Be sure to contact your personal accountant or the individual who files your taxes for additional information on how to take advantage of this limited-time money-saving offer.

And, of course, if you intend to strike while the iron is hot and purchase a home in the next few months while the prices and interest rates are at all-time lows, be sure to check out the best deals in your area on Foreclosure.com RIGHT HERE.

We can help you save so much more on top of the $8,000!

Tis’ the tax season! And if you’re like most people these days it’s important now more than ever to maximize your annual return.

Patrick James — a tax deduction expert with more than 20 years experience in the field — is going to show you how to do just that during this FREE 90-minute online training presentation, which is scheduled for Wednesday, April 8 at 9 p.m. ET.

Learn how to pay only what you legally owe to the Internal Revenue Service (IRS) and not one penny more with “Audit-Proof Tax Secrets of the Millionaires.” To register now at no cost CLICK HERE.

Now is the time to buckle down and save every penny possible — taxes are the single largest expense most families are faced with today. No matter what your tax bracket, you can discover thousands of dollars in additional deductions you didn’t even know the IRS allows.

Here are just some of the topics that Patrick will cover:

• Write off paying your kids
• Write off your mileage
• Document your expenses correctly
• Write off meals and entertainment
• Write off your travel

Patrick has the legal secrets to lower your taxes by 50 percent and beat the IRS every time. You cannot afford to miss this exciting and informative Webinar — it won’t cost you a single penny!

April 15 is right around the corner … So register for “Audit-Proof Tax Secrets of the Millionaires” before it’s too late! Spots are limited and filling up FAST! CLICK HERE.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

The bill is perhaps the most significant housing legislation to pass in decades, helping resuscitate a struggling nationwide housing economy and keeping homeowners who are facing foreclosure in their homes.

Of course, the main thrust of the initiative is to keep people in their homes. And to do that the program allows for homeowners who are “upside down” on their mortgages (owe more to the bank than the homes are worth) to obtain more affordable mortgages backed by the Federal Housing Administration (FHA).

Distressed homeowners will be required to first show that they can afford new reamortized loans before reworking their existing mortgages. In addition, lenders would have to agree to the new terms, which could translate into losses.

However, lenders would likely rather help homeowners stay in their homes rather than enduring more costly and drawn-out foreclosure situations.

Of course, the bill also includes a tax credit of up to $7,500 for first-time homebuyers who purchase houses between April 9, 2008, and July 1, 2009.

For more on the vast benefits of the Foreclosure Prevention Act click here. To get started searching for a home — and taking advantage of the tax credit — click here!

A United States Senate ad hoc committee — headed by Senators Christopher Dodd (D-CT) and Richard Shelby (R-AL) — are currently spearheading a bi-partisan housing rescue bill that could include a $7,000 one-year tax credit for purchasers of foreclosed homes if the legislation is passed.

In addition, the federal government would earmark $4 billion in grants to allow local governments to buy and refurbish foreclosed properties for resale or for use as “low-income” rentals. And the bill includes $10 billion for local housing agencies to refinance subprime loans and provide new mortgages for first-time homebuyers.

That’s not all.

According to MortgageNewsDaily.com, $100 million more will be allocated to expand counseling for homeowners at risk of defaulting on their loans.

This is good news for the thousands of homeowners nationwide struggling to make ends meet and who are desperate for some sort of relief. The bill would also encourage buyers to purchase Real Estate Owned (REO) properties, helping lenders and other financial institutions get them off their books faster.

And more important, it gives you more of a reason to purchase foreclosed properties (not like you needed another one) with a huge tax break on top of already discounted homes.

So what are you waiting for? Start your foreclosure search today RIGHT HERE and be one of the first to take advantage of this great news!