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 Nashville, TN

Latitude: 36.154838 -- Longitude: -86.762141

Other Area Cities: Nashville La Vergne Belle Meade Brentwood Forest Hills Goodlettsville Hendersonville Lebanon Franklin

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Nashville is the capital of the U.S. state of Tennessee. It is located on the Cumberland River in Davidson County in the north-central part of the state. Nashville is a major hub for the health care, music, publishing, and transportation industries.It was the advent of the Grand Ole Opry in 1925, combined with an already thriving publishing industry, that positioned it to become "Music City USA". The Gaylord Entertainment Center was built as both a large concert facility and as an enticement to lure either a National Basketball Association or National Hockey League (NHL) sports franchise.Nashville has the largest metropolitan area in the state of Tennessee, spanning thirteen counties. As the "home of country music", Nashville has become a major music recording and production center. Nashville also has a small but growing film industry. Several major motion pictures have been filmed in Nashville, including The Green Mile, The Last Castle, Gummo, and Coal Miner's Daughter. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Nashville	Tennessee	United States
Population	545,524	5,689,283	281,421,906
Median age	34	35.9	35.3
Median age for Male		34.5	34
Median age for Female		37.2	36.5
Households	0	2,232,905	105,480,101
Household population	0	5,541,337	273,643,273
Average household size		2.48	2.59
Families	0	1,547,835	71,787,347
Average family size		2.99	3.14
Housing units	0	2,439,443	115,904,641
Occupied units	227,403	2,232,905	105,480,101
Vacant units	0	206,538	10,424,540

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