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 Asheville, NC

Latitude: 35.579862 -- Longitude: -82.55581

Other Area Cities: Flat Rock Asheville Hendersonville Fletcher Black Mountain Arden

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Asheville is a city in Buncombe County, North Carolina, and is its county seat. As of the 2000 census, the city had a total population of 68,889. It is the largest city in western North Carolina, and continues to grow - as of 2004, the Census Bureau estimates that Asheville's population is 70,400.[2] Attractive to hip and creative young people as well as to hip and creative retirees, Asheville has been listed in both Rolling Stone and Modern Maturity as an ideal place to live or visit. The open and accepting character of the city is evidenced by the many lifestyles and beliefs that coexist peacefully there. Asheville has been named the "most vegetarian-friendly" small city in America.[1] The art scene is especially active, and Asheville has become a mecca for potters, painters and musicians, with much of the current creativity inspired by the folk art and old ballads of early Scottish, English and Scots-Irish settlers. -- Source: Wikipedia.com

North Carolina 2000 Census Population Profile Map

	Asheville	North Carolina	United States
Population	68,889	8,049,313	281,421,906
Median age	39.2	35.3	35.3
Median age for Male	36.4	33.8	34
Median age for Female	41.8	36.7	36.5
Households	30,690	3,132,013	105,480,101
Household population	65,678	7,795,432	273,643,273
Average household size	2.14	2.49	2.59
Families	16,737	2,158,869	71,787,347
Average family size	2.81	2.98	3.14
Housing units	33,567	3,523,944	115,904,641
Occupied units	30,690	3,132,013	105,480,101
Vacant units	2,877	391,931	10,424,540

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