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 Oklahoma City, OK

Latitude: 35.482309 -- Longitude: -97.534994

Other Area Cities: Oklahoma City Norman Choctaw Bethany Del City Edmond Midwest City Moore The Village Warr Acres

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Oklahoma City is the capital and the largest city of the U.S. state of Oklahoma. It is also the county seat of Oklahoma County, Oklahoma. Oklahoma City was founded during the Land Run of 1889, first of five land runs in what became Oklahoma.By the time Oklahoma was admitted to the Union in 1907, Oklahoma City had already supplanted Guthrie, the territorial capital, as the population center and commercial hub of the new state. Soon after, the capital was moved from Guthrie to Oklahoma City.Oklahoma City Public Schools is the state's largest district and is one of the few urban districts in the nation with a growing enrollment, due largely to the so-called 'MAPS for KIDs' city-wide improvement plan. The Oklahoma School of Science and Mathematics in Oklahoma City is home to the state's most gifted math and science pupils.Besides the skyscrapers that cluster in the city's central business district, one of the more prominent landmarks downtown is the Crystal Bridge. -- Source: Wikipedia.com

Oklahoma 2000 Census Population Profile Map

	Oklahoma City	Oklahoma	United States
Population	506,132	3,450,654	281,421,906
Median age	34	35.5	35.3
Median age for Male	32.7	33.9	34
Median age for Female	35.3	36.9	36.5
Households	204,434	1,342,293	105,480,101
Household population	492,999	3,338,279	273,643,273
Average household size	2.41	2.49	2.59
Families	129,360	921,750	71,787,347
Average family size	3.04	3.02	3.14
Housing units	228,149	1,514,400	115,904,641
Occupied units	204,434	1,342,293	105,480,101
Vacant units	23,715	172,107	10,424,540

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