First-time home buyers face looming tax-credit deadline

Just as "cash for clunkers" boosted auto sales, another federal program introduced this year aimed at first-time home buyers is driving home sales and helping to salvage the nation's beleaguered residential real-estate market. And if you want to get in on the action -- up to $8,000 worth -- you'd better hurry, as the incentive is set to expire Nov. 30.

So far, 1.4 million Americans have taken advantage of the first-time home buyer provision, contained with the American Recovery and Reinvestment Act, according to the Internal Revenue Service. It gives those who have never owned a home or haven't owned one within the last three years a credit of 10% of the price of the home, up to an $8,000 maximum.