The $100 million allocated by the state of California to cover $10,000 tax credits for buyers of new construction (never lived in) homes has received applications for more than 80% of the fund total. Applications had been averaging about 600/week but last week more than 1,000 were received. At that rate the $100 million will be exhausted in a couple of weeks.
Since applications can only be submitted after you've closed escrow, if you're not already in contract you're probably out of luck. If you are in contract, do everything you can to close before the well runs dry.
The state provides a web site where you can check the most recent statistics.
As of today, it looks like this:
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