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 Pasadena, CA

Latitude: 34.156098 -- Longitude: -118.131808

Other Area Cities: Alhambra Altadena Arcadia Azusa Baldwin Park Burbank Glendale La Canada Flintridge La Crescenta Los Angeles Monrovia San Marino Bradbury Montrose Pomona Rosemead Sierra Madre South Pasadena Pasadena West Covina Duarte

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Pasadena is a city in Los Angeles County, California, United States. As of the 2000 census, the city population was 133,936. The California Finance Department estimates the Pasadena population to be 146,166 in 2005. Pasadena is the main population and cultural center of the San Gabriel Valley. It is the 6th largest city in Los Angeles County and famous for hosting the annual Rose Bowl football game and Tournament of Roses Parade. The popularity of the region drew numbers from across the country, and Pasadena eventually became a key stop along the Atchison, Topeka and Santa Fe Railway, which led to an explosion in its growth. From the real estate boom of the 1880's until the Great Depression, as great tourist hotels were developed in the city, Pasadena became a winter resort for wealthy Easterners. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Pasadena	California	United States
Population	133,936	33,871,648	281,421,906
Median age	34.5	33.3	35.3
Median age for Male	33	32.2	34
Median age for Female	36	34.4	36.5
Households	51,844	11,502,870	105,480,101
Household population	130,418	33,051,894	273,643,273
Average household size	2.52	2.87	2.59
Families	29,858	7,920,049	71,787,347
Average family size	3.3	3.43	3.14
Housing units	54,132	12,214,549	115,904,641
Occupied units	51,844	11,502,870	105,480,101
Vacant units	2,288	711,679	10,424,540

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