California Realtors offers perks to home buyers

What will it take to get people to buy a home during a brutal recession?

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The California Association of Realtors today is rolling out an offer to pay first-time buyers' mortgages for up to six months if they lose their jobs. It's among a variety of incentives the real estate industry is dangling as it desperately tries to lure customers. CAR's offer is essentially like insurance for people who get laid off. It applies to first-time home buyers who open escrow starting today and close before Dec. 31. They must use a California Realtor in the transaction, not be self-employed and be younger than 70. If qualifying people are downsized, they may receive up to $1,500 a month for up to six months to help make mortgage payments. More...