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 Cincinnati, OH

Latitude: 39.13616 -- Longitude: -84.503088

Other Area Cities: Cherry Grove Forestville Glendale Groesbeck Kenwood Lincoln Heights North College Hill Northbrook Norwood Reading Springdale Mason Hamilton Oxford Cincinnati Blue Ash Bridgetown Cheviot Amberley Covedale Deer Park Finneytown Forest Park Madeira West Chester White Oak Woodlawn Wyoming Mariemont Sharonville Loveland

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Cincinnati is a city in southwestern Ohio, in the United States of America, that lies on the Ohio River. It is the county seat of Hamilton CountyGR6. As of 2005, Cincinnati's population was 308,728, making it the third largest city in Ohio and the 55th largest in the United States. It has a much larger metropolitan area, commonly called "Greater Cincinnati", which covers parts of Ohio, Kentucky, and Indiana. As of July 1, 2005, the U.S. Census Bureau esimates that the Cincinnati-Middletown-Wilmington Combined Statistical Area has a population of 2,113,011 (making it the 20th largest in the country) and is growing at a rate of about one percent annually. Greater Cincinnati is the 25th largest metropolitan area in America. It is home to major-league sports, including America's first professional baseball team, a National Football League team, and the historic Cincinnati Masters. -- Source: Wikipedia.com

Ohio 2000 Census Population Profile Map

	Cincinnati	Ohio	United States
Population	331,285	11,353,140	281,421,906
Median age	32.1	36.2	35.3
Median age for Male	30.7	34.9	34
Median age for Female	33.7	37.5	36.5
Households	148,095	4,445,773	105,480,101
Household population	317,849	11,054,019	273,643,273
Average household size	2.15	2.49	2.59
Families	72,496	2,993,023	71,787,347
Average family size	3.02	3.04	3.14
Housing units	166,012	4,783,051	115,904,641
Occupied units	148,095	4,445,773	105,480,101
Vacant units	17,917	337,278	10,424,540

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