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 12/08/09 the David L Hannah RePage is ranked at 6,489 with 55 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 Council Bluffs, IA

Latitude: 41.253698 -- Longitude: -95.862388

Other Area Cities: Omaha Council Bluffs

Enter our Photo Sweepstakes and Win $200 for your Council Bluffs photos!

To see random photos for other cities Click Here.

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

Council Bluffs is a city in Pottawattamie County, Iowa, United States on the east bank of the Missouri River. As of the 2000 census, the city had a total population of 58,268. Sometimes considered a suburb of Omaha, Nebraska, on the opposite bank of the Missouri River, Council Bluffs is several decades older than the much larger Nebraska city which was founded by Iowa businessmen and real estate speculators in 1854. The city was named for the 1804 meeting of Lewis & Clark with the Otoe tribe that took place near present-day Ft. Calhoun, Nebraska. The area east of Bellevue, Nebraska was later known as Council Bluffs. The present city of Council Bluffs was first settled by Billy Caldwell's Pottawatomi during the 1830s after they were removed from what became Chicago. Father Pierre-Jean De Smet operated a mission among the Potawatomi for a time and Fort Croghan was built to control liquor traffic on the Missouri. -- Source: Wikipedia.com

Iowa 2000 Census Population Profile Map

	Council Bluffs	Iowa	United States
Population	58,268	2,926,324	281,421,906
Median age	34.6	36.6	35.3
Median age for Male	33	35.2	34
Median age for Female	36.2	38	36.5
Households	22,889	1,149,276	105,480,101
Household population	56,939	2,822,155	273,643,273
Average household size	2.49	2.46	2.59
Families	15,089	769,684	71,787,347
Average family size	3.03	3	3.14
Housing units	24,340	1,232,511	115,904,641
Occupied units	22,889	1,149,276	105,480,101
Vacant units	1,451	83,235	10,424,540

Visit US Census