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 12/07/09 the Chris Allred RePage is ranked at 1,845 with 95 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.

Local Information for Cullman, AL

Latitude: 34.177508 -- Longitude: -86.844996

Enter our Photo Sweepstakes and Win $200 for your Cullman photos!

To see random photos for other cities Click Here.

Submit your photos of Cullman and become eligible to win $200. Click Here for details.

Cullman was founded in 1873 by Colonel John G. Cullmann, a German refugee who came to America in 1866. With a dream of building a thriving colony for German immigrants, Col. Cullmann bought from the Louisville and Nashville Railroad. Col. Cullman established his headquarters at the grave site where he now lies. He brought five German families in March 1873, and in 1878, the town was incorporated and named after Col. Cullmann. It contained 349 acres of land with streets and avenues 100 feet wide. This is something Cullman citizens are proud of today. It is estimated that Col. Cullmann was responsible for 100,000 Germans coming to Alabama in a period of 20 years. For many years, Cullman was a college town, with Southern Benedictine College being the home of several hundred students. The college closed in 1979, but in its place is the St. Bernard Preparatory School. Cullman is located on top of Brindley Mountain plateau at 34°10'39?N, 86°50'42?W (34.177508, -86.844996). -- Source: Wikipedia.com

Alabama 2000 Census Population Profile Map

	Cullman	Alabama	United States
Population	13,995	4,447,100	281,421,906
Median age	41.2	35.8	35.3
Median age for Male	36.8	34.4	34
Median age for Female	45.1	37.2	36.5
Households	6,059	1,737,080	105,480,101
Household population	13,428	4,332,380	273,643,273
Average household size	2.22	2.49	2.59
Families	3,764	1,215,968	71,787,347
Average family size	2.85	3.01	3.14
Housing units	6,679	1,963,711	115,904,641
Occupied units	6,059	1,737,080	105,480,101
Vacant units	620	226,631	10,424,540

Visit US Census