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 Rochester, MN

Latitude: 44.025763 -- Longitude: -92.473226

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Rochester was founded by George Head in 1854[1]. Originally from Rochester, New York, Head had settled in Waukesha, Wisconsin before moving west to Minnesota. He named his new settlement after his New York hometown. In 1857 Rochester was named the Olmsted County seat. Rochester was a stagecoach stop for travelers who journeyed between Saint Paul, Minnesota, and Dubuque, Iowa. When the railroad came to town in the 1860s, it brought new residents and business opportunities. On August 21, 1883, a tornado demolished much of Rochester, leaving thirty-seven dead and several thousand wounded. There was no medical facility at the time, so Dr. William W. Mayo and his two sons worked together to care for the wounded. $60,000 in donations were collected and the Sisters of St. Francis, assisted by Dr. Mayo, opened a new facility named St. Marys Hospital in 1889.[2] The Mayo practice grew immensely and today is one of the largest and most well-respected medical facilities in the world. -- Source: Wikipedia.com

Minnesota 2000 Census Population Profile Map

	Rochester	Minnesota	United States
Population	85,806	4,919,479	281,421,906
Median age	34.3	35.4	35.3
Median age for Male	33	34.4	34
Median age for Female	35.6	36.3	36.5
Households	34,116	1,895,127	105,480,101
Household population	82,927	4,783,596	273,643,273
Average household size	2.43	2.52	2.59
Families	21,478	1,255,141	71,787,347
Average family size	3.06	3.09	3.14
Housing units	35,346	2,065,946	115,904,641
Occupied units	34,116	1,895,127	105,480,101
Vacant units	1,230	170,819	10,424,540

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