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 BOCA RATON, FL

Latitude: 26.368699 -- Longitude: -80.100077

Other Area Cities: Coral Springs Lake Worth Lantana Margate North Lauderdale Oakland Park Ocean Ridge Parkland Boca Raton Boynton Beach Deerfield Beach Delray Beach Lighthouse Point Coconut Creek Pompano Beach

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The city's early history was as the site of Addison Mizner's Boca Raton Hotel. The "pink hotel" today is visible from miles away as a towering building on the Intracoastal Waterway. The Pearl City neighborhood of Boca Raton was established to originally house the service personnel for the hotel. Japanese farmers of the Yamato Colony converted the land west of the city into pineapple plantations beginning in 1904. During World War II much of their land was confiscated and used as the site of a major training facility for B-29 bomber crews. Much of the airbase was later donated to become the grounds of Florida Atlantic University, many of whose parking lots are former runways of the airbase, while part of the airbase is now used as Boca Raton Airport. The Japanese heritage of the Yamato Colony survives in the name of Yamato Road (NW 51st Street) just north of the airport and at the Morikami Museum and Japanese Gardens northwest of the city. -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Boca Raton	Florida	United States
Population	74,764	15,982,378	281,421,906
Median age	42.9	38.7	35.3
Median age for Male	41.8	37.3	34
Median age for Female	44	40.1	36.5
Households	31,848	6,337,929	105,480,101
Household population	71,958	15,593,433	273,643,273
Average household size	2.26	2.46	2.59
Families	20,004	4,210,760	71,787,347
Average family size	2.81	2.98	3.14
Housing units	37,547	7,302,947	115,904,641
Occupied units	31,848	6,337,929	105,480,101
Vacant units	5,699	965,018	10,424,540

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