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 Kenosha, WI

Latitude: 42.58222 -- Longitude: -87.845624

Other Area Cities: Kenosha Paddock Lake Union Grove

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Kenosha (pronounced [k?'no??]) is a city in Kenosha County, Wisconsin. It is estimated that Kenosha's population as of 2006 is approximately 96,845. Kenosha is the county seat of Kenosha County, the southeasternmost county in Wisconsin. On the southwestern shores of Lake Michigan, Kenosha is the fourth largest city in Wisconsin behind Milwaukee, Madison, and Green Bay. Kenosha is sometimes considered to be the Chicago metropolitan area's northernmost city at 60 miles distance from the Chicago epicenter; Kenosha is also 35 miles south of Milwaukee. The greater Kenosha area is of high archeological interest since the discovery of pre-Clovis culture settlements in the late 20th century. These prehistoric settlements date to the approximate era of the Wisconsin glaciation. The Paleo Indians, as archaeologists call these peoples, first settled in the area at least 13,500 years ago. -- Source: Wikipedia.com

Wisconsin 2000 Census Population Profile Map

	Kenosha	Wisconsin	United States
Population	90,352	5,363,675	281,421,906
Median age	33.6	36	35.3
Median age for Male	32.2	35	34
Median age for Female	34.9	37.1	36.5
Households	34,411	2,084,544	105,480,101
Household population	87,372	5,207,717	273,643,273
Average household size	2.54	2.5	2.59
Families	22,546	1,386,815	71,787,347
Average family size	3.13	3.05	3.14
Housing units	36,004	2,321,144	115,904,641
Occupied units	34,411	2,084,544	105,480,101
Vacant units	1,593	236,600	10,424,540

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