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.

As of 12/04/09 the Deborah Ehlers RePage is ranked at 1,562 with 125 points.
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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.

As of 12/04/09 the Deborah ehlers RePage is ranked at 9,021 with 40 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Sedona, AZ

Latitude: 34.859897 -- Longitude: -111.789199

Other Area Cities: Sedona Cottonwood Cornville

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Sedona is a city and community that straddles the county line between Coconino and Yavapai counties in the northern Verde Valley region of the U.S. state of Arizona. The population was 10,192 at the 2000 census. Founded in 1902, it has become a gathering place for mystics, who believe some of the earth's energy, as it flows around the rocks is concentrated into power spots some call vortices. Believers in Vortex Healing believe the Sedona area is the home of several such vortices. One of Sedona's main attractions is its stunning array of red sandstone formations, the Red Rocks of Sedona. The formations appear to glow in brilliant orange and red when illuminated by the rising or setting sun. The Red Rocks form a breathtaking backdrop for everything from spiritual pursuits to the myriad of incredible hiking and mountain biking trails. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Sedona	Arizona	United States
Population	10,192	5,130,632	281,421,906
Median age	50.5	34.2	35.3
Median age for Male	49.5	32.9	34
Median age for Female	51.6	35.5	36.5
Households	4,928	1,901,327	105,480,101
Household population	10,157	5,020,782	273,643,273
Average household size	2.06	2.64	2.59
Families	2,863	1,287,367	71,787,347
Average family size	2.52	3.18	3.14
Housing units	5,684	2,189,189	115,904,641
Occupied units	4,928	1,901,327	105,480,101
Vacant units	756	287,862	10,424,540

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