$10,000 CA Tax Credit more than 65% gone in 3 months

As of May 20th 2009 the new home California $10,000 tax credit is over 65% gone.  May has seen a huge spike in new home sales and being as the credit cannot be applied for until escrow closes, and is on a first come first serve basis, the window to qualify may be gone as early as mid June.   New numbers are updated every Friday.

Two state lawmakers have applied to extend that credit from $100m, to $300m (the argument being the state takes in more money per new home sale then it loses issuing the credit) but it remains to be seen whether that measure will fly.  

Just purchasing a home that has never been lived in does not automatically qualify you.  You must close escrow and submit your application to the Franchise Tax board via Fax only, within 7 days of close of escrow.  Clear instructions and forms for applying for the credit can be found here

Legislation Introduced to Extend $10k New Home Tax Credit [The Desert Sun]

Tax Credit for New Home Purchase [Franchise Tax Board]
$10,000 Reasons to Buy a New Development this Year [SF Home Blog]