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 Honolulu, HI

Latitude: 21.30895 -- Longitude: -157.826182

Other Area Cities: Honolulu Makakilo City Aiea Halawa Heights Kailua Waipahu Kaneohe Pearl City Mililani

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Honolulu is the capital and largest city of the U.S. State of Hawai?i. In the Hawaiian language, honolulu means "sheltered bay" or "place of shelter." The census-designated place (CDP) is located along the southeast coast of the island of O?ahu. The term also refers to the District of Honolulu (see Geography below). As of July 1, 2004, the United States Census Bureau estimate for Honolulu puts the population at 377,260 and that of the city and county (essentially, the Island of O?ahu) at 900,000. In Hawai?i, local governments operate only at the county level, and the City & County of Honolulu encompasses all of the Island of O?ahu (approximately 600 square miles). -- Source: Wikipedia.com

Hawaii 2000 Census Population Profile Map

	Honolulu	Hawaii	United States
Population	371,657	1,211,537	281,421,906
Median age	39.7	36.2	35.3
Median age for Male	38.4	35.1	34
Median age for Female	41.1	37.4	36.5
Households	140,337	403,240	105,480,101
Household population	360,371	1,175,755	273,643,273
Average household size	2.57	2.92	2.59
Families	87,374	287,068	71,787,347
Average family size	3.23	3.42	3.14
Housing units	158,663	460,542	115,904,641
Occupied units	140,337	403,240	105,480,101
Vacant units	18,326	57,302	10,424,540

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