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.

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Local Information for Flower Mound, TX

Latitude: 33.031741 -- Longitude: -97.078818

Other Area Cities: Plano Flower Mound Carrollton Denton Southlake Coppell Bartonville Double Oak Highland Village Lewisville Roanoke Westlake Grapevine Keller Colleyville

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Flower Mound is a city in Denton County, Texas (USA). As of the 2000 census, the city population was 50,702, although more recent studies show the numbers to be closer to 70,000. The name comes from a large mound located in the southern portion of the city. Though surrounded by commercial and residential development, the mound, believed to be a Native American burial ground, is privately owned so as to be protected from further development. Flower Mound has a small-town vibe with easy access to Dallas/Fort Worth International Airport and the Dallas/Fort Worth Metroplex. It refuses to be referred to as a "city" despite its recent growth; it bills itself as the "Town of Flower Mound" with a "Town Hall" and a "Town Council". The city is home to the headquarters of Time Warner Cable's South/Southwest Division (Texas, Louisiana, Mississippi, Alabama, Tennessee, Georgia, South Carolina, and Florida) which employs over 1,400 people and provides services to over 530,000. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Flower Mound	Texas	United States
Population	50,702	20,851,820	281,421,906
Median age	33.3	32.3	35.3
Median age for Male	33.4	31.3	34
Median age for Female	33.2	33.4	36.5
Households	16,179	7,393,354	105,480,101
Household population	50,490	20,290,711	273,643,273
Average household size	3.12	2.74	2.59
Families	14,262	5,247,794	71,787,347
Average family size	3.34	3.28	3.14
Housing units	16,833	8,157,575	115,904,641
Occupied units	16,179	7,393,354	105,480,101
Vacant units	654	764,221	10,424,540

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