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.

As of 11/24/09 the Michael A Haab RePage is ranked at 461 with 1,335 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Moreno Valley, CA

Latitude: 33.926267 -- Longitude: -117.228345

Other Area Cities: Bloomington Grand Terrace Loma Linda Riverside Redlands Moreno Valley Glen Avon Rialto

Enter our Photo Sweepstakes and Win $200 for your Moreno Valley photos!

To see random photos for other cities Click Here.

Submit your photos of Moreno Valley and become eligible to win $200. Click Here for details.

Moreno Valley is a city located in Riverside County, California. When the 2000 census figures were taken the city had a total population of 155,105 but according to an estimate on January 1, 2006, the population of Moreno Valley is about 174,565. A relatively young city, its rapid growth in the 1980s and the 2000s propelled it to its status as second-largest city in Riverside County by population, and one of the Inland Empire's population centers. Neighboring Riverside, California is the county seat and largest city in the county; the two cities are closely tied, sharing March Air Reserve Base, among other things. By 1990, Moreno Valley had exploded in population growth to become the second largest city in Riverside County with a population of over 118,000. Growth continued until about 1992. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Moreno Valley	California	United States
Population	142,381	33,871,648	281,421,906
Median age	27.1	33.3	35.3
Median age for Male	25.7	32.2	34
Median age for Female	28.4	34.4	36.5
Households	39,225	11,502,870	105,480,101
Household population	141,684	33,051,894	273,643,273
Average household size	3.61	2.87	2.59
Families	33,363	7,920,049	71,787,347
Average family size	3.86	3.43	3.14
Housing units	41,431	12,214,549	115,904,641
Occupied units	39,225	11,502,870	105,480,101
Vacant units	2,206	711,679	10,424,540

Visit US Census