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 Logan, UT

Latitude: 41.737878 -- Longitude: -111.830846

Other Area Cities: Logan Brigham City

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Logan is a city in Cache County, Utah, in the United States. As of the 2000 census, the city population was 42,670, a substantial increase over the 1990 figure of 32,771. The estimated population in 2005 had increased to 47,357. The Logan metropolitan area contains 109,666 residents. It is the county seat of Cache CountyGR6. It is the principal city of and included in the Logan, Utah-Idaho (partial) Metropolitan Statistical Area. Logan is located in northern Utah, north of Ogden on the Logan River; it is about 82 miles (130km) north of Salt Lake City. The city was founded in 1859 by Mormon settlers and has been the location of the Logan Utah Temple since its dedication in 1884. It is home to the main campus of Utah State University, founded in 1888, and is often known as a college town. It is also a major producer of cheese and other dairy products. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Logan	Utah	United States
Population	42,670	2,233,169	281,421,906
Median age	23.5	27.1	35.3
Median age for Male	24.2	26.7	34
Median age for Female	22.7	27.7	36.5
Households	13,902	701,281	105,480,101
Household population	40,532	2,192,689	273,643,273
Average household size	2.92	3.13	2.59
Families	9,174	535,294	71,787,347
Average family size	3.2	3.57	3.14
Housing units	14,692	768,594	115,904,641
Occupied units	13,902	701,281	105,480,101
Vacant units	790	67,313	10,424,540

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