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.

As of 11/29/09 the Roy Wiffin RePage is ranked at 3,830 with 60 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Sugar Land, TX

Latitude: 29.59958 -- Longitude: -95.614089

Other Area Cities: Katy Sugar Land Bellaire Missouri City Richmond Rosenberg Stafford Piney Point Village Houston

Enter our Photo Sweepstakes and Win $200 for your Sugar Land photos!

To see random photos for other cities Click Here.

Submit your photos of Sugar Land and become eligible to win $200. Click Here for details.

Sugar Land is a city located along the Gulf Coast region in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. It is the fastest-growing city in Texas—growing more than 158 percent in the last decade. As of the 2005 U.S. Census estimate, the city had a population of 78,901. Founded as a sugar plantation in the early mid 1800s and incorporated in 1959, Sugar Land is the largest city and economic center of Fort Bend County. The city is the third-largest in population and second-largest in economic activities of the Houston area. Sugar Land is home to the headquarters of Imperial Sugar and the company's main refinery and distribution center was once located in this city. As a nod to this heritage, the Imperial Sugar crown logo can be seen in the city seal and logo. The city also holds the headquarters for Western Airways and a major manufacturing facility for Nalco Chemical Company. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Sugar Land	Texas	United States
Population	63,328	20,851,820	281,421,906
Median age	37.4	32.3	35.3
Median age for Male	36.8	31.3	34
Median age for Female	38	33.4	36.5
Households	20,515	7,393,354	105,480,101
Household population	62,837	20,290,711	273,643,273
Average household size	3.06	2.74	2.59
Families	17,524	5,247,794	71,787,347
Average family size	3.36	3.28	3.14
Housing units	21,090	8,157,575	115,904,641
Occupied units	20,515	7,393,354	105,480,101
Vacant units	575	764,221	10,424,540

Visit US Census