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 Salt Lake City, UT

Latitude: 40.7547 -- Longitude: -111.892622

Other Area Cities: Millcreek Salt Lake City Riverton Bennion Bountiful Centerville Cottonwood Heights Holladay Kaysville Magna Midvale Murray North Salt Lake Sandy West Jordan South Salt Lake Taylorsville West Valley City Kearns South Jordan

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Salt Lake City has many informal neighborhoods. The eastern portion of the city has higher property values than its western counterpart. This is a result of the railroad being built in the western half as well as scenic views from inclined grounds in the eastern portion. Immigrants find housing more affordable on the west side, which results in demographic differences. Interstate 15 further solidified these divisions.The Utah Museum of Fine Arts, Utah Museum of Natural History, and the Museum of Church History and Art are some of the museums located in Salt Lake City. Other museums include the Utah State Historical Society, Daughters of Utah Pioneer Memorial Museum, Fort Douglas Military Museum, and the Social Hall Heritage Museum. Clark Planetarium at the Gateway Mall houses an IMAX theater.The Utah Arts Festival has been held annually since 1977 with an average attendance of 80,000. About 130 booths are available for visual artists and there are five performance venues for musicians. -- Source: Wikipedia.com

Utah 2000 Census Population Profile Map

	Salt Lake City	Utah	United States
Population	181,743	2,233,169	281,421,906
Median age	30	27.1	35.3
Median age for Male	29.5	26.7	34
Median age for Female	30.6	27.7	36.5
Households	71,461	701,281	105,480,101
Household population	177,170	2,192,689	273,643,273
Average household size	2.48	3.13	2.59
Families	39,830	535,294	71,787,347
Average family size	3.24	3.57	3.14
Housing units	77,054	768,594	115,904,641
Occupied units	71,461	701,281	105,480,101
Vacant units	5,593	67,313	10,424,540

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