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 Los Angeles, CA

Latitude: 34.086159 -- Longitude: -118.375984

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Los Angeles, known as "L.A." or the "City of Angels", is the most populous city in the state of California and the second-most in the United States. One of the world's major global cities, it is located in Southern California and has a population of more than 4 million people, spanning 498 square miles. It is the core cultural and economic center of the Greater Los Angeles metropolitan area, a region home to over 18 million people. Los Angeles was incorporated as a municipality on April 4, 1850—five months before California achieved statehood—and is the county seat of Los Angeles County. Los Angeles is one of the world's most important centers of culture, science, technology, international trade, and higher education, and is home to numerous world-renowned institutions in a broad range of professional and cultural fields. In addition, the city is a leading producer of popular entertainment—such as motion pictures, television, and recorded music. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Los Angeles	California	United States
Population	3,694,820	33,871,648	281,421,906
Median age	31.6	33.3	35.3
Median age for Male	30.8	32.2	34
Median age for Female	32.6	34.4	36.5
Households	1,275,412	11,502,870	105,480,101
Household population	3,612,223	33,051,894	273,643,273
Average household size	2.83	2.87	2.59
Families	798,719	7,920,049	71,787,347
Average family size	3.56	3.43	3.14
Housing units	1,337,706	12,214,549	115,904,641
Occupied units	1,275,412	11,502,870	105,480,101
Vacant units	62,294	711,679	10,424,540

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