In recent weeks, the federal government moved to extend the deadline for an $8,000 credit to first-time homebuyers, and simultaneously introduced a new $6,500 credit for repeat homebuyers. Both credits have actual cash value and represent checks made payable to consumers from the IRS in the form of a tax return. Here are the details:

Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a primary residence in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

New anti-fraud limitations imposed.

Contact your local real estate expert to learn how this credit can apply directly to you, and please feel free to forward this important news to eligible first-time home buyers and people looking to change residences. With only five full months to take advantage of this credit, smart buyers will want to begin learning about the details, looking into lending options and initiating a property search right away.

Sellers should also take note -- this credit will create additional demand between now and April 2010. If you have been waiting until spring to list your property, you might want to capture these buyers by moving ahead immediately, instead.

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According to a study by Forbes Magazine, four cities in Texas were among the top recession-proof cities in the nation to retire (America's Recession-Proof Cities to Retire In, by Zack O'Malley Greenburg, Forbes Magazine, Oct. 15, 2009).

Dallas-Fort Worth took the number two spot, followed by Houston at number four, Austin at number five, and San Antonio at 10. The study looked at the country's 40 largest metros and measured them based on housing and economic data from the U.S. Census Bureau and Moody's Economy.com.

Cities in Texas revealed positive trends that make them friendly to retirees, such as low cost of living, job creation, and other strong economic fundamentals.

Sources: Texas Association of Realtors, Forbes Magazine

Texas' four major metros are in the top ten fastest-recovering cities nationwide, according to Forbes magazine.

Forbes ranked San Antonio the second fastest recovering city in the country, Austin the third, Dallas–Fort Worth–Arlington the sixth and Houston–Sugar Land–Baytown the eighth.

The magazine attributed their relatively quick recovery to San Antonio's and Austin's high number of municipal jobs, Dallas' thriving technology industry and Houston's energy sector, as well as the state housing market's ability to remain stable while other states' markets crashed.

"Texas didn’t have as big of a boom," said Dr. Jim Gaines, research economist at the Real Estate Center at Texas A&M University. "So we're not having anywhere near the kind of bust."

El Paso and McAllen-Edinburg-Mission were also placed within the 100 fastest-recovering MSAs, ranking 43rd and 48th, respectively.

Forbes ranked the country's 100 largest MSAs according to each area's September unemployment rate and foreclosures, gross metropolitan product, home prices and sales rates.

Sources: Real Estate Center at Texas A&M University; Forbes Magazine

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The lingering effects of Hurricane Ike back in October 2008 combined with recent homebuying activity spurred by the federal government's $8,000 first-time homebuyer tax credit produced positive numbers for the Houston real estate market in October, according to a report released late November by the Houston Association of Realtors (HAR).

For the second month in a row, both property sales volume and pricing recorded gains. October volume of single-family home sales across the greater Houston area rose 13.8 percent compared to October 2008. Total property sales climbed 14.1 percent in October on a year-over-year basis.

At $149,000, the October single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 5.0 percent from one year earlier, representing the sixth straight monthly increase in median price. The average price of a single-family home in Houston was $198,639, up 3.2 percent last month versus October 2008. Both figures reached the highest levels ever for a month of October in Houston.

Foreclosure property sales were flat month-over-month in October, making up 18.6 percent of all single-family home sales in the Houston area, but down compared to 25.8 percent in October 2008 and the 12-month peak of 34.0 percent in January of this year. The median price of October foreclosure sales reported in the Multiple Listing Service (MLS) rose 3.8 percent to $88,293 on a year-over-year basis.

Sales of all property types in Houston for August totaled 5,716, up 14.1 percent compared to October 2008. Total dollar volume for properties sold during the month was $1.0 billion versus $942 million one year earlier, representing an increase of 15.9 percent.

"Hurricane Ike had a lasting effect on the greater Houston real estate market last fall, so it's no surprise to have the kind of year-over-year improvement we've now seen for two months in a row," said Vicki Fullerton, HAR Chairwoman. "Many Houston Realtors have reported that the first-time homebuyer tax credit was extremely effective at drawing consumers to the marketplace, and we believe momentum will build with the federal government’s extended and expanded incentive program."

Source: Houston Association of Realtors

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