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 Somerset, KY

Latitude: 37.082966 -- Longitude: -84.609387

ZIP Codes for Somerset, Kentucky	42501 42502 42503 42564
Area Code for Somerset, Kentucky	606
Time zone for Somerset, Kentucky	EST

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Somerset is a city in Pulaski County, Kentucky, United States. The population was 11,352 at the 2000 census. It was so named because the first settlers in the area were from Somerset County New Jersey. The completion of Lake Cumberland in the 1950's transformed Somerset from a sleepy rural community into one of the largest commercial centers in Kentucky. Today Somerset contains the longest continuous commercial strip outside of Kentucky's golden triangle (Louisville, Lexington, and Northern Kentucky) with US 27, the main road through the community, being lined with restaurants, hotels, and boat shops for 10 miles. Somerset is also close to Cumberland Falls and the Big South Fork National River and Recreation Area. It is the county seat of Pulaski CountyGR6. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Somerset	Kentucky	United States
Population	11,352	4,041,769	281,421,906
Median age	40.3	35.9	35.3
Median age for Male	37	34.6	34
Median age for Female	43.7	37.1	36.5
Households	4,831	1,590,647	105,480,101
Household population	10,295	3,926,965	273,643,273
Average household size	2.13	2.47	2.59
Families	2,845	1,104,398	71,787,347
Average family size	2.8	2.97	3.14
Housing units	5,428	1,750,927	115,904,641
Occupied units	4,831	1,590,647	105,480,101
Vacant units	597	160,280	10,424,540

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November 20, 2008

Local Information for Somerset, KY

Latitude: 37.082966 -- Longitude: -84.609387

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