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 Laguna Beach, CA

Latitude: 33.531525 -- Longitude: -117.769043

Other Area Cities: Aliso Viejo Costa Mesa Yorba Linda Dana Point Huntington Beach Laguna Hills Lake Forest Mission Viejo Irvine Laguna Niguel Newport Beach Rancho Santa Margarita San Juan Capistrano Tustin Laguna Beach El Toro

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Laguna Beach is a city located in southern Orange County, California, approximately 24 miles southeast of downtown Santa Ana. The population was 23,727 at the 2000 census. The city's most famous institution is the Festival of Arts, an annual art exhibition in the summer which has given the city a reputation for being "artsy." Apart from bringing together artists and art collectors, the Festival is also famous for the Pageant of the Masters, an annual living statue show where local volunteers reproduce several dozen famous artworks in an evening (with the help of elaborate costumes and makeup). The Pageant is apparently the only show of its type and scale in western North America. Another famous annual event is the Sawdust Art Festival. Its summer art show features local artists exhibiting paintings, sculpture and fine craft in an artist village which is built each year. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Laguna Beach	California	United States
Population	23,727	33,871,648	281,421,906
Median age	43.4	33.3	35.3
Median age for Male	43.3	32.2	34
Median age for Female	43.6	34.4	36.5
Households	11,511	11,502,870	105,480,101
Household population	23,605	33,051,894	273,643,273
Average household size	2.05	2.87	2.59
Families	5,776	7,920,049	71,787,347
Average family size	2.69	3.43	3.14
Housing units	12,965	12,214,549	115,904,641
Occupied units	11,511	11,502,870	105,480,101
Vacant units	1,454	711,679	10,424,540

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