California extends popular homebuyer tax credit

California homebuyer tax credit
California homebuyer tax credit

California lawmakers hope a new plan to extend a $10,000 tax credit to first-time buyers and those purchasing new homes will help jumpstart the state's lagging housing market, as well as work to clear a backlog of abandoned and foreclosed homes.

That's a tall order in a state with one of the country's highest foreclosure ratings and where builders are struggling to get new developments off the ground.