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 Deborah Johnson RePage is ranked at 3,542 with 70 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 Salisbury, NC

Latitude: 35.668289 -- Longitude: -80.478479

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

To see random photos for other cities Click Here.

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

As of the census of 2000, there were 26,462 people, 10,276 households, and 6,186 families residing in the city. The population density was 574.6/km² (1,488.3/mi²). There were 11,288 housing units at an average density of 245.1/km² (634.9/mi²). The racial makeup of the city was 57.30% White, 37.56% African American, 0.28% Native American, 1.39% Asian, 0.06% Pacific Islander, 1.92% from other races, and 1.48% from two or more races. Hispanic or Latino of any race were 4.30% of the population. There were 10,276 households out of which 26.5% had children under the age of 18 living with them, 39.0% were married couples living together, 17.4% had a female householder with no husband present, and 39.8% were non-families. 34.3% of all households were made up of individuals and 14.5% had someone living alone who was 65 years of age or older. The average household size was 2.29 and the average family size was 2.92. -- Source: Wikipedia.com

North Carolina 2000 Census Population Profile Map

	Salisbury	North Carolina	United States
Population	26,462	8,049,313	281,421,906
Median age	37.1	35.3	35.3
Median age for Male	34.6	33.8	34
Median age for Female	39.6	36.7	36.5
Households	10,276	3,132,013	105,480,101
Household population	23,483	7,795,432	273,643,273
Average household size	2.29	2.49	2.59
Families	6,183	2,158,869	71,787,347
Average family size	2.92	2.98	3.14
Housing units	11,288	3,523,944	115,904,641
Occupied units	10,276	3,132,013	105,480,101
Vacant units	1,012	391,931	10,424,540

Visit US Census