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 Brentwood, TN

Latitude: 35.998194 -- Longitude: -86.792619

Other Area Cities: Brentwood Belle Meade Franklin Nashville Forest Hills

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Brentwood is a city in Williamson County, Tennessee, United States. The Deerwood Arboretum and Nature Area has a full observation deck, outdoor covered classrooms, and an amphitheatre, the Arboretum. It contains man-made lakes and indigenous wildlife. Granny White Park is a 32 acre park with several sporting facilities including tennis courts, softball/baseball fields, and basketball courts, and picnic pavilions, and is located near Brentwood Middle School. Brentwood is Tennessee's best educated city, proportionately, with 69.4% of adult residents (25 and older) holding an associate degree or higher, and 64.7% of adults possessing a baccalaureate degree or higher. Brentwood is the home of former NASCAR driver Casey Atwood, current Tennessee Titans quarterback Kerry Collins, and several musicians, including country stars Trisha Yearwood, Kenny Chesney, Tim McGraw, Faith Hill, Dolly Parton, George Jones, Little Jimmy Dickens, Jack White and Alan Jackson. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Brentwood	Tennessee	United States
Population	23,445	5,689,283	281,421,906
Median age	40.8	35.9	35.3
Median age for Male	40.8	34.5	34
Median age for Female	40.8	37.2	36.5
Households	7,693	2,232,905	105,480,101
Household population	23,199	5,541,337	273,643,273
Average household size	3.02	2.48	2.59
Families	6,812	1,547,835	71,787,347
Average family size	3.24	2.99	3.14
Housing units	7,889	2,439,443	115,904,641
Occupied units	7,693	2,232,905	105,480,101
Vacant units	196	206,538	10,424,540

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