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 Portage, MI

Latitude: 42.209592 -- Longitude: -85.588525

Other Area Cities: Portage Kalamazoo

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Portage is a city in Kalamazoo County in the U.S. state of Michigan. The population was 44,897 at the 2000 census. Portage is adjacent to the southern boundary of Kalamazoo. The city was incorporated from the entirety of the former Portage Township on December 31, 1963. There are three public high schools in Portage, Portage Central, Portage Northern, and a Community High School. The pharmaceutical company Pfizer also has operations located there; which in recent years has caused much controversy due to layoffs. Portage is known for its extensive network of historical parks and trails used for cycling, walking, canoeing, and other recreational activities. Since the creation of the Portage Bikeway system in 1989, the trails have expanded to over 50 miles, over five times as long as the city’s expressways. -- Source: Wikipedia.com

Michigan 2000 Census Population Profile Map

	Portage	Michigan	United States
Population	44,897	9,938,444	281,421,906
Median age	35.8	35.5	35.3
Median age for Male	34.7	34.3	34
Median age for Female	36.9	36.6	36.5
Households	18,138	3,785,661	105,480,101
Household population	44,482	9,688,555	273,643,273
Average household size	2.45	2.56	2.59
Families	12,139	2,575,699	71,787,347
Average family size	3.01	3.1	3.14
Housing units	18,880	4,234,279	115,904,641
Occupied units	18,138	3,785,661	105,480,101
Vacant units	742	448,618	10,424,540

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