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 Cheyenne, WY

Latitude: 41.145548 -- Longitude: -104.802042

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Cheyenne Frontier Days are a major event on the professional rodeo circuit. At the 1953 Frontier Days the US Air Force's precision flying squadron, the Thunderbirds, made their public debut. Seven-year old Jessica Dubroff, attempting the stunt of becoming the youngest child ever to pilot a plane across the United States, crashed shortly after takeoff from Cheyenne, April 11, 1996. The 9 acre Cheyenne Botanic Gardens are located in Lions Park and features numerous gardens. It also features a solar heated and powered solar conservatory. The Cheyenne Botanic Gardens depends upon a large volunteer force made up primarily of seniors, youth, and disabled residents who provide 90% of the work at the Gardens.The median income for a household in the city was $38,856, and the median income for a family was $46,771. Males had a median income of $32,286 versus $24,529 for females. -- Source: Wikipedia.com

Wyoming 2000 Census Population Profile Map

	Cheyenne	Wyoming	United States
Population	53,011	493,782	281,421,906
Median age	36.6	36.2	35.3
Median age for Male	35.1	35.3	34
Median age for Female	37.9	37.1	36.5
Households	22,324	193,608	105,480,101
Household population	52,020	479,699	273,643,273
Average household size	2.33	2.48	2.59
Families	14,174	130,497	71,787,347
Average family size	2.93	3	3.14
Housing units	23,782	223,854	115,904,641
Occupied units	22,324	193,608	105,480,101
Vacant units	1,458	30,246	10,424,540

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