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 Zanesville, OH

Latitude: 39.946049 -- Longitude: -82.01215

Other Area Cities: Zanesville Cambridge

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Zanesville is a city in Muskingum County, Ohio, United States. The population was 25,586 at the 2000 census. It is the county seat of Muskingum CountyGR6. Zanesville was settled in 1797 by Ebenezer Zane (who lent his name to the town) and his son in law, John McIntire, at the point where Zane's Trace met the Muskingum River. Novelist Zane Grey was a descendant of the Zane family and was born in Zanesville. The city was the state capital of Ohio from 1810 to 1812[1]. The National Road ran through Zanesville. -- Source: Wikipedia.com

Ohio 2000 Census Population Profile Map

	Zanesville	Ohio	United States
Population	25,586	11,353,140	281,421,906
Median age	34.8	36.2	35.3
Median age for Male	32.4	34.9	34
Median age for Female	36.7	37.5	36.5
Households	10,572	4,445,773	105,480,101
Household population	24,923	11,054,019	273,643,273
Average household size	2.36	2.49	2.59
Families	6,438	2,993,023	71,787,347
Average family size	2.99	3.04	3.14
Housing units	11,662	4,783,051	115,904,641
Occupied units	10,572	4,445,773	105,480,101
Vacant units	1,090	337,278	10,424,540

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