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 College Station, TX

Latitude: 30.601433 -- Longitude: -96.314464

Other Area Cities: College Station Bryan

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College Station, Texas, is a city in Brazos County, Texas, near the boundary area between East Texas and Central Texas. It is located in the heart of the Brazos Valley. The city is located within the most populated region of Texas, approximately equidistant from three of the 10 largest cities in the United States. It is 152 km (95 mi) north of Houston, 267 km (166 mi) northeast of San Antonio and 268 km (169 mi) south of Dallas. The population estimate as of 2006 is 82,429. Together College Station and Bryan make up the Bryan-College Station Metropolitan area, the sixteenth largest Metropolitan area in Texas with around 190,000 people. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	College Station	Texas	United States
Population	67,890	20,851,820	281,421,906
Median age	21.9	32.3	35.3
Median age for Male	22.1	31.3	34
Median age for Female	21.7	33.4	36.5
Households	24,691	7,393,354	105,480,101
Household population	57,187	20,290,711	273,643,273
Average household size	2.32	2.74	2.59
Families	10,368	5,247,794	71,787,347
Average family size	2.98	3.28	3.14
Housing units	26,054	8,157,575	115,904,641
Occupied units	24,691	7,393,354	105,480,101
Vacant units	1,363	764,221	10,424,540

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