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 11/28/09 the Shane Reid RePage is ranked at 10,983 with 30 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 Hudson, OH

Latitude: 41.243356 -- Longitude: -81.438982

Other Area Cities: Northfield Center Richfield Hudson Cuyahoga Falls Kent Akron Stow Ravenna Streetsboro Boston Heights

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

Click on Photos to Enlarge. To see all Hudson area photos Click Here.

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

Hudson is a city in Summit County, Ohio, United States. The population was 22,439 at the 2000 census, and 24,102 at the 2002 census estimates. It is an affluent exurban community and is part of the Akron, Ohio Metropolitan Statistical Area according to the U.S. Census Bureau. It is, consequently, also part of the larger Cleveland-Akron-Elyria Combined Statistical Area. A resident of Hudson is known as a "Hudsonite". -- Source: Wikipedia.com

Ohio 2000 Census Population Profile Map

	Hudson	Ohio	United States
Population	22,439	11,353,140	281,421,906
Median age	38.9	36.2	35.3
Median age for Male	38.1	34.9	34
Median age for Female	39.4	37.5	36.5
Households	7,357	4,445,773	105,480,101
Household population	22,159	11,054,019	273,643,273
Average household size	3.01	2.49	2.59
Families	6,348	2,993,023	71,787,347
Average family size	3.3	3.04	3.14
Housing units	7,636	4,783,051	115,904,641
Occupied units	7,357	4,445,773	105,480,101
Vacant units	279	337,278	10,424,540

Visit US Census