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 South Burlington, VT

Latitude: 44.451846 -- Longitude: -73.18171

Other Area Cities: South Burlington Burlington Charlotte Essex Junction Shelburne Winooski

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As of the census2 of 2000, there were 15,814 people, 6,332 households, and 3,786 families residing in the city. The population density was 366.9/km² (950.2/mi²). There were 6,501 housing units at an average density of 150.8/km² (390.6/mi²). The racial makeup of the city was 93.78% White, 0.83% African American, 0.18% Native American, 3.35% Asian, 0.01% Pacific Islander, 0.41% from other races, and 1.42% from two or more races. Hispanic or Latino of any race were 1.21% of the population. There were 6,332 households out of which 29.2% had children under the age of 18 living with them, 47.7% were married couples living together, 9.0% had a female householder with no husband present, and 40.2% were non-families. 30.4% of all households were made up of individuals and 11.4% had someone living alone who was 65 years of age or older. The average household size was 2.31 and the average family size was 2.93. -- Source: Wikipedia.com

Vermont 2000 Census Population Profile Map

	South Burlington	Vermont	United States
Population	15,814	608,827	281,421,906
Median age	36.2	37.7	35.3
Median age for Male	34.5	36.6	34
Median age for Female	37.7	38.7	36.5
Households	6,332	240,634	105,480,101
Household population	14,615	588,067	273,643,273
Average household size	2.31	2.44	2.59
Families	3,785	157,763	71,787,347
Average family size	2.93	2.96	3.14
Housing units	6,501	294,382	115,904,641
Occupied units	6,332	240,634	105,480,101
Vacant units	169	53,748	10,424,540

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