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 Virginia Beach, VA

Latitude: 36.834498 -- Longitude: -76.087179

Other Area Cities: Chesapeake Portsmouth Virginia Beach Norfolk

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Virginia Beach is an independent city located in the South Hampton Roads area in the Commonwealth of Virginia, on the shores of the Chesapeake Bay and the Atlantic Ocean. The city is the largest city in the Commonwealth of Virginia and the 39th largest city in the US, with a total population of 447,000.[1] It is the third largest suburban city in the United States after Long Beach, California, and the fourth largest in North America. Like a few other cities in the US, Virginia Beach consists of an area more traditionally defined as a county, as the southern half consists largely of rural areas, farmland and marshes. -- Source: Wikipedia.com

Virginia 2000 Census Population Profile Map

	Virginia Beach	Virginia	United States
Population	425,257	7,078,515	281,421,906
Median age	32.7	35.7	35.3
Median age for Male	31.3	34.5	34
Median age for Female	34.1	36.8	36.5
Households	154,455	2,699,173	105,480,101
Household population	417,574	6,847,117	273,643,273
Average household size	2.7	2.54	2.59
Families	110,953	1,847,796	71,787,347
Average family size	3.14	3.04	3.14
Housing units	162,277	2,904,192	115,904,641
Occupied units	154,455	2,699,173	105,480,101
Vacant units	7,822	205,019	10,424,540

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