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 Duluth, GA

Latitude: 34.0031 -- Longitude: -84.145498

Other Area Cities: Duluth Lawrenceville Norcross Suwanee Tucker Alpharetta Buford Lilburn Snellville Sugar Hill North Atlanta Stone Mountain

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Duluth is a popular and rapidly developing suburb of Atlanta, falling close to Interstate 85, which allows for a quick commute to Atlanta. It has schools at all levels up through high school. Its Peachtree Industrial Boulevard is the same road as Atlanta's Peachtree Road and Peachtree Street.Duluth is an old city, with its origins stretching back to the early 1800's, when it was primarily forest land. Initially only Cherokee Indians lived in the area, but with the creation of Gwinnett County, Georgia it was opened to white settlers.The shared names between Duluth, Georgia and the more well-known Duluth, Minnesota are no coincidence. Originally called Howell's Crossing after one of its founders Evan Howell, grandfather of Atlanta mayor Evan P. Howell, the town was renamed in 1871 to match the name of Minnesota's Duluth (which in turn is named for Daniel Greysolon, Sieur du Lhut) when it was named in a bill in the U.S. Congress to fund rail to that remote town. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Duluth	Georgia	United States
Population	22,122	8,186,453	281,421,906
Median age	32.9	33.4	35.3
Median age for Male	32	32.1	34
Median age for Female	33.8	34.6	36.5
Households	8,735	3,006,369	105,480,101
Household population	22,057	7,952,631	273,643,273
Average household size	2.53	2.65	2.59
Families	5,641	2,111,647	71,787,347
Average family size	3.1	3.14	3.14
Housing units	9,061	3,281,737	115,904,641
Occupied units	8,735	3,006,369	105,480,101
Vacant units	326	275,368	10,424,540

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