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 Glendale, CA

Latitude: 34.170939 -- Longitude: -118.250081

ZIP Codes for Glendale, California	90248 91201 91202 91203 91205 91206 91207 91208 91209 91210 91214 91221 91222 91224 91225 91226
Area Code for Glendale, California	818
Time zone for Glendale, California	PST

Other Area Cities: Altadena, CA Arcadia, CA Los Angeles, CA Pasadena, CA San Marino, CA La Canada Flintridge, CA La Crescenta, CA Sierra Madre, CA South Pasadena, CA Glendale, CA Montrose, CA

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Glendale is a city in Los Angeles County, California, United States. It lies at the eastern end of the San Fernando Valley, is bisected by the Verdugo Mountains, and is an important suburb in the Greater Los Angeles Area. The city is bordered to the southwest by the Atwater Village district of Los Angeles; to the west by Burbank; to the northwest by the Tujunga district of Los Angeles; to the northeast by the city of La Cañada Flintridge and the unincorporated La Crescenta area; to the east by Pasadena; and to the southeast by the Eagle Rock and Glassell Park, neighborhoods of Los Angeles. The Golden State, Ventura, Glendale, and Foothill freeways run through the city. As of the 2000 census, the city population was 194,973. Since then, there have been estimates of 201,326 by the U.S. Census Bureau in 2004 and 207,007 by the California State government in 2005, making it the third largest city in Los Angeles County and the seventeenth largest city in the state of California. -- Source: Wikipedia.com

California 2000 Census Population Profile Map

	Glendale	California	United States
Population	194,973	33,871,648	281,421,906
Median age	37.5	33.3	35.3
Median age for Male	36.2	32.2	34
Median age for Female	38.8	34.4	36.5
Households	71,805	11,502,870	105,480,101
Household population	192,109	33,051,894	273,643,273
Average household size	2.68	2.87	2.59
Families	49,636	7,920,049	71,787,347
Average family size	3.27	3.43	3.14
Housing units	73,713	12,214,549	115,904,641
Occupied units	71,805	11,502,870	105,480,101
Vacant units	1,908	711,679	10,424,540

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November 20, 2008

Local Information for Glendale, CA

Latitude: 34.170939 -- Longitude: -118.250081

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