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 Alpharetta, GA

Latitude: 34.073318 -- Longitude: -84.281086

ZIP Codes for Alpharetta, Georgia	30004 30005 30009 30022 30023
Area Code for Alpharetta, Georgia	770
Time zone for Alpharetta, Georgia	EST

Other Area Cities: Alpharetta, GA Dunwoody, GA Cumming, GA Duluth, GA Norcross, GA Roswell, GA Suwanee, GA Sandy Springs, GA Lilburn, GA

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Alpharetta is a city in Fulton County, Georgia, United States. As of the 2006 census, the city had a total population of 57,000 . As of the censusGR 2 of 2000, there were 34,854 people, residing in the city. The racial makeup of the city was 84.9% White, 6.8% African American, 0.5% Native American, 6.2% Asian, 0.1% Pacific Islander, 3.1% from other races. Hispanic or Latino of any race were 5.53% of the population. Georgia 400 (U.S. 19) is the freeway connecting suburban Alpharetta with Atlanta to the south. It parallels surface highway S.R. 9, which was originally multiplexed with U.S. 19 and was the only paved road through town prior to the county merger. It is now home to numerous mid-rise buildings of 10 or more floors each, which are home to many high-tech companies including Lucent, Nortel, IBM, Sun Microsystems, AT&T, Siemens,Verizon, Alltel, E*Trade, and the headquarters of ChoicePoint. The city is served by Fulton County Schools. -- Source: Wikipedia.com

Georgia 2000 Census Population Profile Map

	Alpharetta	Georgia	United States
Population	34,854	8,186,453	281,421,906
Median age	33.3	33.4	35.3
Median age for Male	32.2	32.1	34
Median age for Female	34.3	34.6	36.5
Households	13,911	3,006,369	105,480,101
Household population	34,774	7,952,631	273,643,273
Average household size	2.5	2.65	2.59
Families	8,921	2,111,647	71,787,347
Average family size	3.13	3.14	3.14
Housing units	14,670	3,281,737	115,904,641
Occupied units	13,911	3,006,369	105,480,101
Vacant units	759	275,368	10,424,540

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November 20, 2008

Local Information for Alpharetta, GA

Latitude: 34.073318 -- Longitude: -84.281086

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