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 Medford, OR

Latitude: 42.331998 -- Longitude: -122.861874

Other Area Cities: Medford Ashland Central Point

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Medford is a city in Jackson County, Oregon, United States. It was named in the 1880s by David Loring, a civil engineer working for the Oregon and California Railroad for his home town of Medford, Massachusetts. As of 2005, the city had a total population of 70,860. It is the county seat of Jackson CountyGR6. It is also believed that Medford was named for the intersection of the railroads, running north to south, and Main Street, running east to west. The original name being Middleford, it was shortened to Medford shortly after its founding.[citation needed] -- Source: Wikipedia.com

Oregon 2000 Census Population Profile Map

	Medford	Oregon	United States
Population	63,154	3,421,399	281,421,906
Median age	37	36.3	35.3
Median age for Male	35.3	35.1	34
Median age for Female	38.5	37.5	36.5
Households	25,093	1,333,723	105,480,101
Household population	61,869	3,343,908	273,643,273
Average household size	2.47	2.51	2.59
Families	16,518	877,671	71,787,347
Average family size	2.99	3.02	3.14
Housing units	26,297	1,452,709	115,904,641
Occupied units	25,093	1,333,723	105,480,101
Vacant units	1,204	118,986	10,424,540

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