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 Fort Wayne, IN

Latitude: 41.078348 -- Longitude: -85.126546

Other Area Cities: Fort Wayne Auburn

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Fort Wayne is a city in northeastern Indiana, USA and the county seat of Allen County. As of 2005, an estimated 248,341 lived in the city proper.[1] The Fort Wayne Metropolitan Statistical Area has a population of 502,141, as of the 2004 update of the 2000 census. Nearly equidistant from Detroit, Michigan, Chicago, Illinois and Cincinnati, Ohio, it has historically served as a transportation and communications center for the region, and an incubator for many products and companies, much more so than its size might suggest. Fort Wayne is named after Gen. "Mad" Anthony Wayne. The United States Army built this last of a series of forts near the community of Kekionga, the largest of all Miami villages, located where the St. Joseph River and St. Marys River join to form the Maumee River. -- Source: Wikipedia.com

Indiana 2000 Census Population Profile Map

	Fort Wayne	Indiana	United States
Population	205,727	6,080,485	281,421,906
Median age	32.8	35.2	35.3
Median age for Male	31.2	33.9	34
Median age for Female	34.6	36.5	36.5
Households	83,333	2,336,306	105,480,101
Household population	200,691	5,902,331	273,643,273
Average household size	2.41	2.53	2.59
Families	50,638	1,602,501	71,787,347
Average family size	3.08	3.05	3.14
Housing units	90,915	2,532,319	115,904,641
Occupied units	83,333	2,336,306	105,480,101
Vacant units	7,582	196,013	10,424,540

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