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 Ocean City, NJ

Latitude: 39.265371 -- Longitude: -74.593814

Other Area Cities: Ocean City Absecon Cedar Grove Egg Harbor City Linwood Margate City Middletown Northfield Pleasantville Somers Point Ventnor City

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Ocean City is a city in Cape May County, New Jersey, United States. It is the principal city of the 'Ocean City Metropolitan Statistical Area' which encompasses all of Cape May County. As of the United States 2000 Census, the city population was 15,378 in the winter months. In the summer months, the town's population can (and often does) swell over 110,000. Ocean City is known as a family seaside resort that has prohibited the sales of alcoholic beverages within its limits since the city's founding in 1879. Ocean City is a very popular vacation area in South Jersey. More families flock here than other New Jersey beaches because of its laws regarding the sale of alcohol. The Travel Channel rated Ocean City as the Best Family Beach of 2005. -- Source: Wikipedia.com

New Jersey 2000 Census Population Profile Map

	Ocean City	New Jersey	United States
Population	15,378	8,414,350	281,421,906
Median age	47.8	36.7	35.3
Median age for Male	45.4	35.5	34
Median age for Female	50.3	38	36.5
Households	7,464	3,064,645	105,480,101
Household population	15,089	8,219,529	273,643,273
Average household size	2.02	2.68	2.59
Families	4,007	2,154,539	71,787,347
Average family size	2.71	3.21	3.14
Housing units	20,298	3,310,275	115,904,641
Occupied units	7,464	3,064,645	105,480,101
Vacant units	12,834	245,630	10,424,540

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