California's new tax credit starts May 1, depleted May 10?

This just in from the California Association of Realtors:

The $100 million allocated for California's first-time home buyer tax credits may be depleted in about 10 to 20 days or sooner, according to CAR's Economics Team. California's Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time buyers and for homes that have never been previously occupied ($100 million allocated for each category - on a first-come, first-served basis).

This is CAR's forecast based on projection of May sales and other parameters. It does not take into account the possibility that buyers scheduled to close escrow in April may delay closing until May to take advantage of the tax credit. If a large shift occurs, the California tax credit allocations may be depleted more quickly than indicated.

Remember, the Federal first-time (up to $8000) and move-up (up to $6500) buyer tax credits are still in affect, the qualification being that one must be under contract by April 30th and close escrow by June 30th. With a "perfect storm", it is possible for one to qualify for the Federal and State tax credits, though it sounds as if the California credit may be difficult to acquire. Contact your accountant or appropriate professional for further details. For more details, visit http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml