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 Durham, NC

Latitude: 35.988644 -- Longitude: -78.907167

Other Area Cities: Durham Chapel Hill Hillsborough

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Durham is a city in Durham County, North Carolina, United States. It is the county seat of Durham CountyGR6, the home of Duke University, North Carolina Central University, Durham Technical Community College, and the North Carolina School of Science and Mathematics. It is also a cornerstone of the Research Triangle region of North Carolina. The 2004 Durham-Chapel Hill Metropolitan Statistical Area population was: 451,212 as July 1, 2004 The US Office of Management and Budget defines Durham as a part of the Raleigh-Durham-Cary Combined Statistical Area, with a population of 1,509,560 as July 1, 2005. -- Source: Wikipedia.com

North Carolina 2000 Census Population Profile Map

	Durham	North Carolina	United States
Population	187,035	8,049,313	281,421,906
Median age	31	35.3	35.3
Median age for Male	29.9	33.8	34
Median age for Female	32.3	36.7	36.5
Households	74,981	3,132,013	105,480,101
Household population	177,662	7,795,432	273,643,273
Average household size	2.37	2.49	2.59
Families	43,558	2,158,869	71,787,347
Average family size	3.01	2.98	3.14
Housing units	80,797	3,523,944	115,904,641
Occupied units	74,981	3,132,013	105,480,101
Vacant units	5,816	391,931	10,424,540

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