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 Duluth, MN

Latitude: 46.780373 -- Longitude: -92.117079

Other Area Cities: Cloquet Duluth Superior Hermantown

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Duluth is the county seat of St. Louis County, Minnesota, United States. As of the 2000 census, the city had a total population of 86,918. Taking account of the growth of the city and its boundaries, there are around an extra 92,000 people on the outer boundaries, making the population (including outer suburbs and villages) 184,000. It is a seaport at the westernmost point on the north shore of Lake Superior. It is linked to the Atlantic Ocean 2,300 miles (3,700km) away via the Great Lakes and then either the Erie Canal/New York State Barge Canal or the Saint Lawrence Seaway; it is farther from the ocean than any other deep water port. Duluth forms a single metropolitan area with Superior, Wisconsin, together called the Twin Ports. The two cities share a harbor and are one of the most important ports on the Great Lakes. Among the items shipped out are iron ore (taconite) and grain. -- Source: Wikipedia.com

Minnesota 2000 Census Population Profile Map

	Duluth	Minnesota	United States
Population	86,918	4,919,479	281,421,906
Median age	35.4	35.4	35.3
Median age for Male	33.1	34.4	34
Median age for Female	37.4	36.3	36.5
Households	35,500	1,895,127	105,480,101
Household population	80,357	4,783,596	273,643,273
Average household size	2.26	2.52	2.59
Families	19,918	1,255,141	71,787,347
Average family size	2.9	3.09	3.14
Housing units	36,994	2,065,946	115,904,641
Occupied units	35,500	1,895,127	105,480,101
Vacant units	1,494	170,819	10,424,540

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