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 North Haven, CT

Latitude: 41.380697 -- Longitude: -72.860694

Other Area Cities: Hamden New Haven Orange Woodbridge Branford Wallingford West Haven North Haven East Haven Meriden

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North Haven is a suburban town in New Haven County, Connecticut on the outskirts of New Haven, Connecticut. North Haven is less than 10 minutes from downtown New Haven and Yale University. It is also near Quinnipiac University. It has easy access to I-91 and Route 15. North Haven is 27 miles from Hartford, 76 miles from New York City, 80 miles from Providence and 115 miles from Boston. North Haven has a growing commercial, retailing and manufacturing base which employs approximately 12,640 people. There are more than 75 manufacturing and commercial firms in North Haven, 40 of which are assessed at over $1,000,000. North Haven has five industrial parks containing 490 acres, and hosts such corporate tenants as Anthem Blue Cross & Blue Shield and United States Surgical Corporation. The town has a relatively large parks system. Housing stock is diversified. As of the 2000 census, the population of North Haven was 23,035. -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	North Haven	Connecticut	United States
Population	23,035	3,405,565	281,421,906
Median age	41.9	37.4	35.3
Median age for Male	40.5	36.1	34
Median age for Female	43.3	38.6	36.5
Households	8,597	1,301,670	105,480,101
Household population	22,822	3,297,626	273,643,273
Average household size	2.65	2.53	2.59
Families	6,490	881,170	71,787,347
Average family size	3.1	3.08	3.14
Housing units	8,773	1,385,975	115,904,641
Occupied units	8,597	1,301,670	105,480,101
Vacant units	176	84,305	10,424,540

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