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 Plainfield, IL

Latitude: 41.61728 -- Longitude: -88.202837

Other Area Cities: Plainfield Naperville Aurora Addison Joliet Lockport Warrenville Woodridge Shorewood

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The Village of Plainfield is a municipality in Will County, Illinois, United States. The Village includes land in Plainfield and Wheatland Townships. Part of Plainfield is located in Kendall County (Na-Au-Say and Oswego Townships). The population has grown from 4,500 in 1990 to about 30,314 in 2005. Plainfield is also one of the fastest growing communities in Illinois. Plainfield is identified as the oldest community in Will County because the earliest settlement of Walkers' Grove was established on the banks of the DuPage River by 1828. However, the actual Village of Plainfield was platted immediately north of Walkers' Grove in 1834 by Chester Ingersoll. East Plainfield was platted in 1835 by James Matthews. The two fledgling communities were joined by Levi Arnold's Addition in 1845. -- Source: Wikipedia.com

Illinois 2000 Census Population Profile Map

	Plainfield	Illinois	United States
Population	13,038	12,419,293	281,421,906
Median age	33.2	34.7	35.3
Median age for Male	33	33.3	34
Median age for Female	33.5	36	36.5
Households	4,315	4,591,779	105,480,101
Household population	12,967	12,097,512	273,643,273
Average household size	3.01	2.63	2.59
Families	3,522	3,105,513	71,787,347
Average family size	3.37	3.23	3.14
Housing units	4,609	4,885,615	115,904,641
Occupied units	4,315	4,591,779	105,480,101
Vacant units	294	293,836	10,424,540

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