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 Saint George, UT

Latitude: 37.095279 -- Longitude: -113.578151

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St. George was founded as a cotton mission in the 1850s under the direction of Brigham Young, the President of The Church of Jesus Christ of Latter-day Saints (LDS or Mormon Church)— part of a greater church effort to become self-sufficient. While the early settlers did manage to grow cotton, it was never produced at competitive market rates; consequently, cotton farming was eventually abandoned.St. George is home to Dixie State College of Utah, a four-year institution. It is also home to three high schools, Pine View High School, Dixie High School and Snow Canyon High School, as well as a number of elementary and intermediate schools. New high schools are in the planning stages to meet the area's rapidly growing student population. Nearby Ivins is home to Utah's first charter high school, Tuacahn High School for the Performing Arts, which provides an alternative education with no tuition costs to any Utah resident. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Saint George	Utah	United States
Population	49,663	2,233,169	281,421,906
Median age	31.4	27.1	35.3
Median age for Male	30	26.7	34
Median age for Female	33.1	27.7	36.5
Households	17,367	701,281	105,480,101
Household population	48,804	2,192,689	273,643,273
Average household size	2.81	3.13	2.59
Families	13,041	535,294	71,787,347
Average family size	3.21	3.57	3.14
Housing units	21,083	768,594	115,904,641
Occupied units	17,367	701,281	105,480,101
Vacant units	3,716	67,313	10,424,540

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