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 Bozeman, MT

Latitude: 45.67789 -- Longitude: -111.047274

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William Clark visited the area in July 1806 as he traveled east from Three Forks along the Gallatin River. The journal entries from Clark's party briefly describes the future city's location in a place the local natives called the "Valley of the Flowers" [2]. In 1863, John Bozeman, along with a partner named John Jacobs, opened the Bozeman Trail, an offshoot from the Oregon Trail leading to the mining town of Virginia City through the Gallatin Valley and the future location of the city of Bozeman. John Bozeman, with Daniel Rouse and William Bealle platted the town in 1864 stating "standing right in the gate of the mountains ready to swallow up all tenderfeet that would reach the territory from the east, with their golden fleeces to be taken care of...". The Indian Wars closed the Bozeman Trail in 1868, but the town's fertile land attracted permanent settlers. -- Source: Wikipedia.com

Montana 2000 Census Population Profile Map

	Bozeman	Montana	United States
Population	27,509	902,195	281,421,906
Median age	25.4	37.5	35.3
Median age for Male	24.9	36.6	34
Median age for Female	26.2	38.5	36.5
Households	10,877	358,667	105,480,101
Household population	24,608	877,433	273,643,273
Average household size	2.26	2.45	2.59
Families	5,019	237,407	71,787,347
Average family size	2.85	2.99	3.14
Housing units	11,577	412,633	115,904,641
Occupied units	10,877	358,667	105,480,101
Vacant units	700	53,966	10,424,540

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