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 Stamford, CT

Latitude: 41.074448 -- Longitude: -73.541316

Other Area Cities: Stamford Greenwich Darien Westport Old Greenwich Fairfield

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Stamford is a city in Fairfield County, Connecticut, United States, one of the most affluent counties in the country. According to 2006 Census Bureau estimates, the population of the city is 126,745.[citation needed] Its population is rapidly growing due to an influx of jobs and its close proximity to New York City. Stamford is one of the top 4 largest cities in the state of Connecticut. [1] Stamford is part of the New York metropolitan area. Stamford was the ninth-safest city in the United States in 2006 and for the past six years has ranked in the top 11 safest cities with populations of 100,000 or more, according to the FBI.[2] In 2005, Stamford was voted "The Best City to Reside In" by the magazine United States Living -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	Stamford	Connecticut	United States
Population	117,083	3,405,565	281,421,906
Median age	36.4	37.4	35.3
Median age for Male	35	36.1	34
Median age for Female	37.9	38.6	36.5
Households	45,399	1,301,670	105,480,101
Household population	115,330	3,297,626	273,643,273
Average household size	2.54	2.53	2.59
Families	28,951	881,170	71,787,347
Average family size	3.13	3.08	3.14
Housing units	47,317	1,385,975	115,904,641
Occupied units	45,399	1,301,670	105,480,101
Vacant units	1,918	84,305	10,424,540

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