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 Bethel, CT

Latitude: 41.373028 -- Longitude: -73.416168

Other Area Cities: New Fairfield Ridgefield Bethel Danbury Brookfield Georgetown Redding Southbury Westport

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Bethel is a town in Fairfield County, Connecticut, USA, about sixty miles from New York City. The town is easily accessible from Interstate 84 and has a train station on the Danbury Branch of Metro-North's New Haven line. As of the census2 of 2000, there were 18,067 people, 6,505 households, and 4,846 families residing in the town. The population density was 415.5/km² (1,075.7/mi²). There were 6,653 housing units at an average density of 153.0/km² (396.1/mi²). The racial makeup of the town in 2005 was 85.86% White, 1.91% African American, 0.26% Native American, 4.58% Asian, 0.04% Pacific Islander, 3.20% from other races or of multiple races. Hispanic or Latino of any race were 4.33% of the population. -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	Bethel	Connecticut	United States
Population	9,137	3,405,565	281,421,906
Median age	35.9	37.4	35.3
Median age for Male	34.9	36.1	34
Median age for Female	36.9	38.6	36.5
Households	3,639	1,301,670	105,480,101
Household population	9,129	3,297,626	273,643,273
Average household size	2.51	2.53	2.59
Families	2,358	881,170	71,787,347
Average family size	3.14	3.08	3.14
Housing units	3,744	1,385,975	115,904,641
Occupied units	3,639	1,301,670	105,480,101
Vacant units	105	84,305	10,424,540

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