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 Newton, KS

Latitude: 38.044089 -- Longitude: -97.347597

Other Area Cities: Wichita Newton

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From the earliest beginnings in 1871 to 1873 Newton came to be known as "bloody and lawless-the wickedest city in the west." This reputation was much due to the 1871 Gunfight at Hide Park, which ultimately resulted in 8 men being killed before, during and after the incident. In 1872 the western terminal for the Atchison, Topeka and Santa Fe Railway and the railhead for the Chisholm Trail were established here. Shortly after incorporation of the City in 1872, the Newton city council passed an ordinance prohibiting the running at large of buffalo and other wild animals. The history of Newton is intertwined with the Atchison, Topeka and Santa Fe Railway. Newton served as the Middle Division dispatching headquarters for the "Santa Fe" until the mid 1980's when all dispatching for the Chicago to Los Angeles system was centralized in the Chicago area. In 1995 the Santa Fe was merged with the Burlington Northern Railroad. -- Source: Wikipedia.com

Kansas 2000 Census Population Profile Map

	Newton	Kansas	United States
Population	17,190	2,688,418	281,421,906
Median age	36.9	35.2	35.3
Median age for Male	35	33.7	34
Median age for Female	38.5	36.5	36.5
Households	6,851	1,037,891	105,480,101
Household population	16,634	2,606,468	273,643,273
Average household size	2.43	2.51	2.59
Families	4,612	701,547	71,787,347
Average family size	2.99	3.07	3.14
Housing units	7,277	1,131,200	115,904,641
Occupied units	6,851	1,037,891	105,480,101
Vacant units	426	93,309	10,424,540

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