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Trying to Lure First Timers

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The California Association of Realtors launched a new program today to lure first-time buyers into the market: In the event that you get laid off, they'll pay your mortgage for the first six months. Reports the San Francisco Chronicle: "CAR's offer is essentially like insurance for people who get laid off. It applies to first-time home buyers who open escrow starting today and close before Dec. 31. They must use a California Realtor in the transaction, not be self-employed and be younger than 70. If qualifying people are downsized, they may receive up to $1,500 a month for up to six months to help make mortgage payments." The press release is here. [SF Gate/CAR]