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 Albert Lea, MN

Latitude: 43.650684 -- Longitude: -93.368098

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Albert Lea is a city located in Freeborn County in southeast Minnesota. As of the 2000 census, the city had a total population of 18,356. It is the county seat of Freeborn County. The city is at the junction of I-90 and I-35, about 90 miles south of the Twin Cities. It is on the shores of Fountain Lake, which is part of the Shell Rock River flowage and Albert Lea Lake. The city's early growth was based upon agriculture, farming support services and manufacturing. At one time it was the site of Cargill's headquarters. Other manufacturing included Edwards Manufacturing, Scotsman Ice Machines and Universal Milking Machines. Like many U.S. towns much of the manufacturing base has diminished. A long-time center of the city's job opportunity was the Wilson & Company meat packing plant, later known as Farmstead and Farmland. This facility was destroyed by fire. -- Source: Wikipedia.com

Minnesota 2000 Census Population Profile Map

	Albert Lea	Minnesota	United States
Population	18,356	4,919,479	281,421,906
Median age	41	35.4	35.3
Median age for Male	39	34.4	34
Median age for Female	43	36.3	36.5
Households	7,785	1,895,127	105,480,101
Household population	17,788	4,783,596	273,643,273
Average household size	2.28	2.52	2.59
Families	4,828	1,255,141	71,787,347
Average family size	2.88	3.09	3.14
Housing units	8,133	2,065,946	115,904,641
Occupied units	7,785	1,895,127	105,480,101
Vacant units	348	170,819	10,424,540

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