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 Edwardsville, IL

Latitude: 38.803986 -- Longitude: -89.958195

Other Area Cities: Edwardsville Bethalto Maryville Glen Carbon

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Edwardsville is a city in Madison County, Illinois, United States. As of the 2005 census, the city population was 24,047, it is the county seat of Madison CountyGR6 and is the third oldest city in the State of Illinois. The city was named in honor of Ninian Edwards, Governor of Illinois. It is a community that is rich in history and full of beautiful homes and neighborhoods. Southern Illinois University Edwardsville, the Edwardsville Journal, the Madison County Record and the Edwardsville Intelligencer are located here. Edwardsville is a part of Metro-East and the St. Louis Metropolitan Statistical Area. It neighbors with Glen Carbon, IL. The two cities form a township to support the Edwardsville School District #7. -- Source: Wikipedia.com

Illinois 2000 Census Population Profile Map

	Edwardsville	Illinois	United States
Population	21,491	12,419,293	281,421,906
Median age	33.4	34.7	35.3
Median age for Male	33.1	33.3	34
Median age for Female	33.6	36	36.5
Households	7,975	4,591,779	105,480,101
Household population	19,483	12,097,512	273,643,273
Average household size	2.44	2.63	2.59
Families	5,203	3,105,513	71,787,347
Average family size	2.99	3.23	3.14
Housing units	8,331	4,885,615	115,904,641
Occupied units	7,975	4,591,779	105,480,101
Vacant units	356	293,836	10,424,540

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