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 Rockford, IL

Latitude: 42.26977 -- Longitude: -89.069754

Other Area Cities: Rockford Belvidere Loves Park Rockton Winnebago

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Rockford is a mid-sized city located on both banks of the Rock River in the far north of Illinois, and is often referred to as "The Forest City". Rockford is the county seat of Winnebago County, Illinois, USA; the city has 150,115 residents, while the metro area has 339,178 residents as of the 2000 census and is the third largest city in Illinois, though it was the second largest city during the latter part of the 20th century. The current mayor is Lawrence J. Morrissey, an independent elected to a four year term in April 2005. -- Source: Wikipedia.com

Illinois 2000 Census Population Profile Map

	Rockford	Illinois	United States
Population	150,115	12,419,293	281,421,906
Median age	34.4	34.7	35.3
Median age for Male	32.8	33.3	34
Median age for Female	36	36	36.5
Households	59,158	4,591,779	105,480,101
Household population	145,789	12,097,512	273,643,273
Average household size	2.46	2.63	2.59
Families	37,348	3,105,513	71,787,347
Average family size	3.09	3.23	3.14
Housing units	63,570	4,885,615	115,904,641
Occupied units	59,158	4,591,779	105,480,101
Vacant units	4,412	293,836	10,424,540

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