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 Lafayette, IN

Latitude: 40.410585 -- Longitude: -86.874681

Other Area Cities: West Lafayette Lafayette

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Lafayette is a city in Tippecanoe County, Indiana, 63 miles (101 km) northwest of Indianapolis. Population in 1900, 18,116; in 1910, 20,081; in 1920, 22,486; and in 1940, 28,798 people. As of the 2000 census, the city had a total population of 56,397. The city is the county seat of Tippecanoe CountyGR6. West Lafayette, just across the Wabash River, is home to Purdue University, which has a large impact on both communities. The area around what is now Tippecanoe County was inhabited by a tribe of Miami Indians known as the Ouiatenon or Weas. The French government established Fort Ouiatenon in 1717 across the Wabash River and three miles south of the location of present-day Lafayette. The fort became the center of trade for fur trappers, merchants and Indians. An annual reenactment and festival known as The Feast of the Hunters' Moon takes place there each fall. -- Source: Wikipedia.com

Indiana 2000 Census Population Profile Map

	Lafayette	Indiana	United States
Population	56,397	6,080,485	281,421,906
Median age	31.7	35.2	35.3
Median age for Male	30.2	33.9	34
Median age for Female	33.9	36.5	36.5
Households	24,060	2,336,306	105,480,101
Household population	55,688	5,902,331	273,643,273
Average household size	2.31	2.53	2.59
Families	13,670	1,602,501	71,787,347
Average family size	2.98	3.05	3.14
Housing units	25,602	2,532,319	115,904,641
Occupied units	24,060	2,336,306	105,480,101
Vacant units	1,542	196,013	10,424,540

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