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 Modesto, CA

Latitude: 37.661479 -- Longitude: -120.994543

Other Area Cities: Escalon Ceres Turlock Ripon Riverbank Salida Modesto

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Modesto is the county seat of Stanislaus County in the U.S. state of California. As of the 2000 census, the city population was 188,856. Current census estimates place the population at 206,300. According to the California State Department of Finance 1/6/06 estimate, 514,370 people live in the Modesto Metropolitan Statistical Area. One and a half hours from Sacramento, California's capital city, and two hours from both San Jose and San Francisco, Modesto's location has turned the agriculturally based city into a bedroom community. Over twenty percent of the workforce travels outside of the county to their place of employment. The area is plagued by some of the worst air quality in the nation, on occasion surpassing even that of Los Angeles. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Modesto	California	United States
Population	188,856	33,871,648	281,421,906
Median age	32.7	33.3	35.3
Median age for Male	31.1	32.2	34
Median age for Female	34.3	34.4	36.5
Households	64,959	11,502,870	105,480,101
Household population	185,648	33,051,894	273,643,273
Average household size	2.86	2.87	2.59
Families	46,642	7,920,049	71,787,347
Average family size	3.36	3.43	3.14
Housing units	67,179	12,214,549	115,904,641
Occupied units	64,959	11,502,870	105,480,101
Vacant units	2,220	711,679	10,424,540

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