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 11/23/09 the Shari Barley RePage is ranked at 2,136 with 70 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 Nevada City, CA

Latitude: 39.261435 -- Longitude: -121.018602

Other Area Cities: Grass Valley Nevada City

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

To see random photos for other cities Click Here.

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

Nevada City is the county seat of Nevada County, California, 166 miles (267 km) northeast of San Francisco. In 1900, 3,250 people lived in Nevada City, California; in 1910, 2,689 lived here. The population was 3,001 at the 2000 census. The name comes from the Spanish word meaning "snow-covered," referring to the snow-topped mountains in the area. It was first settled in 1849, during the California Gold Rush, under the name Nevada (the "City" was added later to avoid confusion with the State of Nevada). In 1850-51, it was the most important mining town in the state, Nevada County being the leading gold-mining county in the state. Nevada City was incorporated in 1875 and chartered in 1885. Joanna Newsom grew up in Nevada City, which she claimed to be " swarming with artists and hippies and old prospectors..." -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Nevada City	California	United States
Population	3,001	33,871,648	281,421,906
Median age	43.5	33.3	35.3
Median age for Male	41.7	32.2	34
Median age for Female	45	34.4	36.5
Households	1,313	11,502,870	105,480,101
Household population	2,814	33,051,894	273,643,273
Average household size	2.14	2.87	2.59
Families	740	7,920,049	71,787,347
Average family size	2.71	3.43	3.14
Housing units	1,415	12,214,549	115,904,641
Occupied units	1,313	11,502,870	105,480,101
Vacant units	102	711,679	10,424,540

Visit US Census