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 Delray BEach, FL

Latitude: 26.459101 -- Longitude: -80.083038

Other Area Cities: Delray Beach Boca Raton Boynton Beach Deerfield Beach Lake Worth Lantana Ocean Ridge Greenacres

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The history of Delray Beach effectively begins with the construction of the Orange Grove House of Refuge in 1876. The house derived its name from the grove of mature sour orange and other tropical fruit trees found at the site chosen for the house of refuge, but no record or evidence of who planted the trees has survived. Indians presumably lived or passed through the area at various times, and hunters, trappers, and run-away slaves may also have lived or passed through the area in the 18th and 19th Centuries, but there is no record or evidence of them. Settlement began around 1890, when African-Americans from the Panhandle of Florida bought land a little inland from the Orange Grove House of Refuge and began farming. By 1894 the African-American community was large enough to establish the first school in the area. -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Delray Beach	Florida	United States
Population	60,020	15,982,378	281,421,906
Median age	43.8	38.7	35.3
Median age for Male	41.6	37.3	34
Median age for Female	46.1	40.1	36.5
Households	26,787	6,337,929	105,480,101
Household population	59,490	15,593,433	273,643,273
Average household size	2.22	2.46	2.59
Families	15,091	4,210,760	71,787,347
Average family size	2.87	2.98	3.14
Housing units	31,702	7,302,947	115,904,641
Occupied units	26,787	6,337,929	105,480,101
Vacant units	4,915	965,018	10,424,540

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