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 12/06/09 the Eleanor Adair RePage is ranked at 6,208 with 55 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 Roseburg, OR

Latitude: 43.217964 -- Longitude: -123.356047

Enter our Photo Sweepstakes and Win $200 for your Roseburg photos!

Click on Photos to Enlarge. To see all Roseburg area photos Click Here.

Submit your photos of Roseburg and become eligible to win $200. Click Here for details.

Oregon Highway 99 runs through downtown Roseburg as the main north-south arterial. Interstate 5 runs along the west side of the city, across the South Umpqua River from downtown. Oregon Highway 138 runs northwest from Roseburg to Elkton, Oregon, and generally east from Roseburg to its terminus at a junction with U.S. Highway 97, just east of Diamond Lake and Crater Lake. There is a Greyhound bus station with connecting service to Amtrak passenger rail service. A Central Oregon and Pacific Railroad freight railway runs through Roseburg, and there is a municipal airport at the north end of town. -- Source: Wikipedia.com

Oregon 2000 Census Population Profile Map

	Roseburg	Oregon	United States
Population	20,017	3,421,399	281,421,906
Median age	39.2	36.3	35.3
Median age for Male	37.8	35.1	34
Median age for Female	40.6	37.5	36.5
Households	8,237	1,333,723	105,480,101
Household population	19,091	3,343,908	273,643,273
Average household size	2.32	2.51	2.59
Families	5,097	877,671	71,787,347
Average family size	2.88	3.02	3.14
Housing units	8,838	1,452,709	115,904,641
Occupied units	8,237	1,333,723	105,480,101
Vacant units	601	118,986	10,424,540

Visit US Census