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 11/22/09 the Anne Schuman RePage is ranked at 949 with 555 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.

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Local Information for Holmdel, NJ

Other Area Cities:   Holmdel  Belford  Cold Indian Springs  Colts Neck  East Freehold  Eatontown  Fair Haven  Freehold  Hazlet  Highlands  Rumson  Oakhurst Manor  Keansburg  Keyport  Lincroft  Little Silver  Long Branch  Matawan  Oceanport  Red Bank  Robertsville  Sea Bright  Shrewsbury  Strathmore  Tinton Falls  Union Beach  West Long Branch  Middletown  New Brunswick  Englishtown 

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Holmdel Township is a township in Monmouth County, New Jersey, United States. As of the United States 2000 Census, the township population was 15,781. In 1964, Arno Penzias and Robert Wilson of Bell Labs discovered the cosmic microwave background radiation while working on the Horn Antenna in this town. The earliest work on radio astronomy was conducted by Bell Labs engineer Karl Guthe Jansky in 1931, also in this town. The PNC Bank Arts Center (formerly the Garden State Arts Center), a popular outdoor amphitheatre concert venue, is located in Holmdel. VoIP provider Vonage Holdings, Inc., moved its world headquarters from Edison, New Jersey, to Holmdel in November of 2005, occupying the building that formerly housed Prudential Property Casualty & Insurance. -- Source: Wikipedia.com