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 Eden Prairie, MN

Latitude: 44.853663 -- Longitude: -93.460837

Other Area Cities: Eden Prairie New Hope Richfield Robbinsdale Andover Edina Wayzata Saint Louis Park

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For most of its existence, Eden Prairie has been dormant, pastoral village on the far southwestern fringes of the Twin Cities area. Between 1880 and 1960, Eden Prairie’s population barely changed. During those 80 years, the population increase was only 1,300 people, from 739 in 1880 to 2,000 in 1960. Native Americans were the first to live in the area. In 1851, a treaty opened land west of the Mississippi River to settlement allowing pioneers to settle in what is now Eden Prairie. The town board of Eden Prairie held its first meeting in a log school house on May 11, 1858, the same day Minnesota became a state. However, Eden Prairie's farming community grew slowly over the years. Flying Cloud Airport was the first sign of big development in 1946. The 1960s and 1970s were decades of growth for the City's parks and recreation system. In the mid-70's, the community earned a higher profile with the addition of Interstate 494 and the Eden Prairie Shopping Center. -- Source: Wikipedia.com

Minnesota 2000 Census Population Profile Map

	Eden Prairie	Minnesota	United States
Population	54,901	4,919,479	281,421,906
Median age	34.2	35.4	35.3
Median age for Male	33.3	34.4	34
Median age for Female	35	36.3	36.5
Households	20,457	1,895,127	105,480,101
Household population	54,727	4,783,596	273,643,273
Average household size	2.68	2.52	2.59
Families	14,579	1,255,141	71,787,347
Average family size	3.2	3.09	3.14
Housing units	21,026	2,065,946	115,904,641
Occupied units	20,457	1,895,127	105,480,101
Vacant units	569	170,819	10,424,540

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