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 Manhattan Beach, CA

Latitude: 33.88898 -- Longitude: -118.405357

Other Area Cities: Gardena Hawthorne Hermosa Beach Lawndale Culver City Redondo Beach Manhattan Beach El Segundo Torrance South Gate Santa Monica Compton

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Manhattan Beach is a city located in southwestern Los Angeles County, California, USA. The population was 33,852 at the 2000 census. Of a rotating City Council of five members, Mitch Ward is the current mayor. The city is on the Pacific Ocean coast, to the south of El Segundo, and to the north of Hermosa Beach. To the east are the cities of Lawndale and Redondo Beach. It is one of the three Beach Cities in the South Bay. As of the census of 2000, there were 33,852 people, 14,474 households, and 8,394 families residing in the city. The population density was 3,325.8/km² (8,606.7/mi²). There were 15,034 housing units at an average density of 1,477.0/km² (3,822.3/mi²). The racial makeup of the city was 88.99% White, 0.61% African American, 0.21% Native American, 6.04% Asian, 0.12% Pacific Islander, 1.23% from other races, and 2.81% from two or more races. Hispanic or Latino of any race were 5.19% of the population. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Manhattan Beach	California	United States
Population	33,852	33,871,648	281,421,906
Median age	37.7	33.3	35.3
Median age for Male	37.6	32.2	34
Median age for Female	37.8	34.4	36.5
Households	14,474	11,502,870	105,480,101
Household population	33,838	33,051,894	273,643,273
Average household size	2.34	2.87	2.59
Families	8,392	7,920,049	71,787,347
Average family size	2.98	3.43	3.14
Housing units	15,034	12,214,549	115,904,641
Occupied units	14,474	11,502,870	105,480,101
Vacant units	560	711,679	10,424,540

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