Word has it that the revised tax credit that will make it into the Stimulus package is $8,000 for first time home buyers. Unfortunately, for individuals making over $75,000 and couples making over $150,000, you can't qualify. In San Francisco that may eliminate the majority of would-be home owners from benefiting from the Stimulus package.
However, if you are earning less than $75k/$150k, and haven't bought a home in the past 3 years, the good news is that the $8,000 credit does NOT have to be paid back like last year's $7500 credit.
Of course $8,000 is still peanuts in San Francisco... but it's still $8,000 in your pocket, or available for other needs, like paying for Closing costs, your move, etc.
If you are house hunting, please drop me a line to ask about our free Buyer Agent services, and don't forget to use SF-MLS-Search.com for a map based home search, or www.Automated-HomeFinder.com to set up an email alert for properties meeting your criteria.