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.

As of 11/25/09 the Jerry Bastin RePage is ranked at 8,424 with 35 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Richland, WA

Latitude: 46.279657 -- Longitude: -119.281377

Other Area Cities: Richland Kennewick Pasco

Enter our Photo Sweepstakes and Win $200 for your Richland photos!

To see random photos for other cities Click Here.

Submit your photos of Richland and become eligible to win $200. Click Here for details.

Richland is a city in Benton County in southeastern Washington, at the confluence of the Yakima River and the Columbia River. As of the 2000 census, the city population was 38,708, with a 2005 population estimate of 43,520. Along with the nearby cities of Pasco and Kennewick, Richland is one of the Tri-Cities of Washington. -- Source: Wikipedia.com

Washington 2000 Census Population Profile Map

	Richland	Washington	United States
Population	38,708	5,894,121	281,421,906
Median age	37.7	35.3	35.3
Median age for Male	36.9	34.4	34
Median age for Female	38.4	36.3	36.5
Households	15,549	2,271,398	105,480,101
Household population	38,573	5,757,739	273,643,273
Average household size	2.48	2.53	2.59
Families	10,687	1,499,127	71,787,347
Average family size	3.02	3.07	3.14
Housing units	16,458	2,451,075	115,904,641
Occupied units	15,549	2,271,398	105,480,101
Vacant units	909	179,677	10,424,540

Visit US Census