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 Eugene, OR

Latitude: 44.057663 -- Longitude: -123.110345

Other Area Cities: Eugene Creswell Santa Clara Springfield Junction City Cottage Grove

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The city of Eugene is the county seat of Lane County, Oregon, United States. It is located at the south end of the Willamette Valley, at the confluence of the McKenzie and Willamette rivers, about 60 miles (100 km) east of the Oregon Coast. Eugene is the third largest city [1] (estimated population 146,160 as of 2005) and has the third largest metropolitan population [2] in the state of Oregon. (Eugene has long been the state's second largest city after Portland, but was overtaken by Salem in terms of population around 2004.) Eugene is home to the University of Oregon. The city is also noted for its natural beauty, activist political leanings, alternative lifestyles, recreation opportunities (especially bicycling, rafting, and kayaking), and arts focus. Eugene's motto is "The World's Greatest City for the Arts and Outdoors." -- Source: Wikipedia.com

Oregon 2000 Census Population Profile Map

	Eugene	Oregon	United States
Population	137,893	3,421,399	281,421,906
Median age	33	36.3	35.3
Median age for Male	31.2	35.1	34
Median age for Female	34.9	37.5	36.5
Households	58,110	1,333,723	105,480,101
Household population	131,807	3,343,908	273,643,273
Average household size	2.27	2.51	2.59
Families	31,297	877,671	71,787,347
Average family size	2.87	3.02	3.14
Housing units	61,444	1,452,709	115,904,641
Occupied units	58,110	1,333,723	105,480,101
Vacant units	3,334	118,986	10,424,540

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