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 Waipahu, HI

Latitude: 21.3925 -- Longitude: -158.01071

Other Area Cities: Waipahu Ewa Beach Halawa Heights Honolulu Makakilo City Mililani Nanakuli Pearl City Wahiawa Aiea Maili Makaha

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Waipahu is a former sugar mill town and now census-designated place (CDP) located in the ?Ewa District on the Island of O?ahu in the City & County of Honolulu, Hawai?i. In Hawaiian, the name is probably derived from wai pahu meaning "exploding or bursting water" as perhaps from a spring. There are many large springs in the Waipahu area. As of the 2000 Census, the CDP population was 33,108. Waipahu is located along the northern shore of both Middle Loch and West Loch of Pearl Harbor. Waipahu contains two (high) school districts with some students attending Waipahu High School with others attending Pearl City High School. The U.S. postal code for Waipahu is 96797 . -- Source: Wikipedia.com

Hawaii 2000 Census Population Profile Map

	Waipahu	Hawaii	United States
Population	33,108	1,211,537	281,421,906
Median age	35.5	36.2	35.3
Median age for Male	34.3	35.1	34
Median age for Female	36.6	37.4	36.5
Households	7,566	403,240	105,480,101
Household population	31,974	1,175,755	273,643,273
Average household size	4.23	2.92	2.59
Families	6,430	287,068	71,787,347
Average family size	4.37	3.42	3.14
Housing units	8,033	460,542	115,904,641
Occupied units	7,566	403,240	105,480,101
Vacant units	467	57,302	10,424,540

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