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 Newton Center, MA

Latitude: 42.337713 -- Longitude: -71.209936

Other Area Cities: Newton Wellesley Hills Brookline Chestnut Hill Dover Arlington Wellesley Sherborn Sudbury Waltham Watertown Wayland

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Newton is a suburban city in Middlesex County, Massachusetts west of Boston. According to the 2000 census, the population of the city was 83,829. Based on statistics reported to the Federal Bureau of Investigation, Newton was the nation's safest city during 2003, 2004 and 2005. The designation is based on crime statistics in six categories: murder, rape, robbery, aggravated assault, burglary, and auto theft.[1] Newton does not have a single town center, but is rather a patchwork of 13 "villages", many boasting small "downtown" areas of their own. The 13 Villages are: Auburndale, Chestnut Hill, Newton Centre, Newton Corner, Newton Highlands, Newton Lower Falls, Newton Upper Falls (both on the Charles River, and both once small industrial sites), Newtonville, Nonantum (also called Silver Lake), Oak Hill, Thompsonville, Waban, and West Newton. Although most of the villages have a post office, they have no legal definition and no firmly defined borders. See The Thirteen Villages Newton -- Source: Wikipedia.com

Massachusetts 2000 Census Population Profile Map

	Newton	Massachusetts	United States
Population	83,829	6,349,097	281,421,906
Median age	38.7	36.5	35.3
Median age for Male	37.5	35.4	34
Median age for Female	39.7	37.7	36.5
Households	31,201	2,443,580	105,480,101
Household population	78,251	6,127,881	273,643,273
Average household size	2.51	2.51	2.59
Families	20,485	1,576,696	71,787,347
Average family size	3.04	3.11	3.14
Housing units	32,112	2,621,989	115,904,641
Occupied units	31,201	2,443,580	105,480,101
Vacant units	911	178,409	10,424,540

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