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 Miami Beach, FL

Latitude: 25.813025 -- Longitude: -80.134065

Other Area Cities: Miami Beach Aventura Biscayne Gardens Hialeah Kendall Key Biscayne Miami Coral Gables North Miami Beach Sunny Isles Beach Miami Springs North Miami Opa-Locka Pinewood Park West Miami Westchester Ives Estates

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In 1979 Miami Beach's Art Deco Historic District was listed on the National Register of Historic Places. The Art Deco District is the largest collection of Art Deco architecture in the world and is comprised of hundreds of hotels, apartments and other structures erected between 1923 and 1943. Mediterranean, Streamline Moderne and Art Deco are all represented in the District. The Historic District is bounded by the Atlantic Ocean on the East, Lenox Court on the West, 6th Street on the South and Dade Boulevard along the Collins Canal to the North. The movement to preserve the Art Deco District's architectural heritage was led by former interior designer Barbara Capitman, who now has a street in the District named in her honor. -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Miami Beach	Florida	United States
Population	87,933	15,982,378	281,421,906
Median age	39	38.7	35.3
Median age for Male	37.3	37.3	34
Median age for Female	41.6	40.1	36.5
Households	46,194	6,337,929	105,480,101
Household population	86,597	15,593,433	273,643,273
Average household size	1.87	2.46	2.59
Families	18,342	4,210,760	71,787,347
Average family size	2.76	2.98	3.14
Housing units	59,723	7,302,947	115,904,641
Occupied units	46,194	6,337,929	105,480,101
Vacant units	13,529	965,018	10,424,540

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