North Fort Myers, FLA- An extension to the first time home buyer's tax credit couldn't have come soon enough for Miguel Vazquez.

"We were worried about the tax credit cause it was going to expire November 31st, so we were trying to push everything along and get the paperwork in," said Vazquez who relocated to Florida with his wife this year in search of an inexpensive foreclosure property.

President Barack Obama signed a $24 billion economic stimulus bill into law Friday, which extends $8,000 tax credit to first time home buyers until June.
The Vazquez' said they wouldn't have been able to afford a home in New York, and the tax incentive really helped them out.

"The incentive really got us off the fence cause they can work it towards a down payment," said Vazquez.

Realtors are glad to see the extension as well.

Mario D'Artagnan, a broker with Gulf Coast Realty Network in Cape Coral, said they've had a lot of sales as a direct result of the program.

"I think if the federal government continues to implement similar programs then that certainly will have a positive impact on the real estate market," said D'Artagnan.

The tax credits, added by the Senate, center on extending the
popular $8,000 credit for first-time home buyers that was included
in the stimulus package.

The credit, which was to expire at the end f this month, will be available through next June as long as the buyer signs a binding contract by the end of April.

The program is expanded to include a $6,500 credit for existing
homeowners who buy a new place after living in their current
residence for at least five years.