Proposed Tax Credit 2009 Stimulus Package

November 20, 2008

Stimulus News: Currently the Stimulus package is considering a proposed $15,000 tax credit, which applies to all home purchases -- not just new homes and not just first time buyers. It is sponsored by Senator Johnny Isakson, Republican of Georgia, a former real estate broker. He said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975. The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices. The amendment would allow taxpayers to claim the credit on their 2008 income tax return and to spread the tax credit over two years. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase.

The U.S. Senate on Friday also approved an amendment to an economic stimulus bill that would direct $50 billion in funds from the Treasury Department's Troubled Asset Relief Program to foreclosure mitigation efforts. This program is estimated to prevent approximately 2 million foreclosures. The amendment also forces changes in the federal government's $300 billion Hope for Homeowners program to increase participation. Under the amendment, homeowners would have to share 25% of future equity in their home, rather than the current 50% requirement.

In other news:
The National Association of Realtors said Tuesday its index of pending home sales, which measures contracts signed but not closed, rose 6.3% to 87.7 in December from a month earlier.

Moody's Economy.com cites signs that home sales are stabilizing as people snap up bargains on foreclosures, a decline in the supply of unsold homes in many areas and expectations of moves by the Obama Administration "that will help place a floor under the housing downturn." Those measures could include lowering mortgage rates further, preventing more foreclosures and generating jobs through higher federal spending.

As of 11/23/09 the Marcia A West RePage is ranked at 5,453 with 45 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Seneca, SC

Latitude: 34.684145 -- Longitude: -82.955778

Other Area Cities: Anderson Seneca Clemson

Enter our Photo Sweepstakes and Win $200 for your Seneca photos!

To see random photos for other cities Click Here.

Submit your photos of Seneca and become eligible to win $200. Click Here for details.

Seneca is a city in Oconee County, South Carolina, United States. The population was 7,652 at the 2000 census. It is the principal city of the Seneca Micropolitan Statistical Area (population 66,215 according to year 2000 estimates by the U.S. Census Bureau), an (MSA) which includes all of Oconee County and which is further included in the greater Greenville-Spartanburg-Anderson, South Carolina Combined Statistical Area (population 1,185,534 according to year 2005 U.S. Census Bureau estimates). The Democratic Vice-Presidential candidate for 2004, former United States Senator from North Carolina, John Edwards, was born in Seneca. The city is the current home of United States Senator Lindsey Graham. It was named for the nearby Cherokee town of Isunigu, known to the English as "Seneca Town". -- Source: Wikipedia.com

South Carolina 2000 Census Population Profile Map

	Seneca	South Carolina	United States
Population	7,652	4,012,012	281,421,906
Median age	37.9	35.4	35.3
Median age for Male	35.4	34	34
Median age for Female	40.1	36.7	36.5
Households	3,286	1,533,854	105,480,101
Household population	7,635	3,876,975	273,643,273
Average household size	2.32	2.53	2.59
Families	2,098	1,072,822	71,787,347
Average family size	2.93	3.02	3.14
Housing units	3,677	1,753,670	115,904,641
Occupied units	3,286	1,533,854	105,480,101
Vacant units	391	219,816	10,424,540

Visit US Census