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 Bossier City, LA

Latitude: 32.517651 -- Longitude: -93.691397

Other Area Cities: Bossier City Shreveport

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The area of Bossier City dates back to the 1830s when it was the Elysian Groves Plantation of James and Mary Cane. Steamboat loads of cotton, corn, and sweet potatoes were shipped to markets in the south and east, from the plantation port known to many as "Cane's Landing." During the American Civil War, several companies of local Confederate soldiers left Cane's Landing aboard steamboats for the distant battlefields. During the war, the riverfront was protected from Union invasion by the artillery embankments of Battery's Price, Walker and Ewell. The Confederate Fort Smith stood near what is now Bossier High School and protected the area from an eastern invasion. Many, many early settlers passed through the region on their way to the wild west. By 1850, over 200 wagons a week were passing through Bossier City. Some of these settlers stayed, attracted by the fertile soil and lush river valley. -- Source: Wikipedia.com

Louisiana 2000 Census Population Profile Map

	Bossier City	Louisiana	United States
Population	56,461	4,468,976	281,421,906
Median age	32.1	34	35.3
Median age for Male	30.2	32.6	34
Median age for Female	33.9	35.3	36.5
Households	21,197	1,656,053	105,480,101
Household population	54,766	4,333,011	273,643,273
Average household size	2.58	2.62	2.59
Families	14,894	1,156,438	71,787,347
Average family size	3.09	3.16	3.14
Housing units	23,026	1,847,181	115,904,641
Occupied units	21,197	1,656,053	105,480,101
Vacant units	1,829	191,128	10,424,540

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