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 Globe, AZ

Latitude: 33.410952 -- Longitude: -111.548011

Other Area Cities: Queen Creek Mesa Apache Junction

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There were 13,775 households out of which 22.0% had children under the age of 18 living with them, 52.9% were married couples living together, 8.5% had a female householder with no husband present, and 34.6% were non-families. 27.2% of all households were made up of individuals and 13.0% had someone living alone who was 65 years of age or older. The average household size was 2.29 and the average family size was 2.75. In the city the population was spread out with 20.5% under the age of 18, 6.9% from 18 to 24, 23.6% from 25 to 44, 23.6% from 45 to 64, and 25.3% who were 65 years of age or older. The median age was 44 years. For every 100 females there were 95.5 males. For every 100 females age 18 and over, there were 93.2 males. The median income for a household in the city was $33,170, and the median income for a family was $37,726. Males had a median income of $31,283 versus $22,836 for females. The per capita income for the city was $16,806. -- Source: Wikipedia.com

Arizona 2000 Census Population Profile Map

	Apache Junction	Arizona	United States
Population	31,814	5,130,632	281,421,906
Median age	44.1	34.2	35.3
Median age for Male	42.1	32.9	34
Median age for Female	46	35.5	36.5
Households	13,775	1,901,327	105,480,101
Household population	31,591	5,020,782	273,643,273
Average household size	2.29	2.64	2.59
Families	9,006	1,287,367	71,787,347
Average family size	2.75	3.18	3.14
Housing units	22,771	2,189,189	115,904,641
Occupied units	13,775	1,901,327	105,480,101
Vacant units	8,996	287,862	10,424,540

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