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 New Castle, PA

Latitude: 40.997325 -- Longitude: -80.344556

ZIP Codes for New Castle, Pennsylvania	16101 16102 16103 16105 16107 16108
Area Code for New Castle, Pennsylvania	724
Time zone for New Castle, Pennsylvania	EST

Other Area Cities: New Castle, PA Butler, PA

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New Castle is a city in Lawrence County, Pennsylvania, 50 miles (80 km) northwest of Pittsburgh, Pennsylvania; in 1910, the total population was 36,280; in 1920, 44,938; and in 1940, 47,638. The population was 26,309 at the 2000 census. It is the county seat of Lawrence County. It is the commercial centre of a fertile agricultural region. New Castle is a prime example of a Rust Belt city which has been forced to adapt to changing economic situations. Civil engineer John Carlysle Stewart resurveyed lands which had been reserved for veterans of the Revolutionary War. He discovered that the original survey had neglected to stake out approximately 50 acres at the confluence of the Shenango River and the Neshannock Creek, at that time a part of Allegheny County. Claiming the land for himself, he laid out what was to become the town of New Castle. By 1849, the population had reached 1,000 and Lawrence County was created, named in honor of U.S. Navy Captain James Lawrence. -- Source: Wikipedia.com

Pennsylvania 2000 Census Population Profile Map

	New Castle	Pennsylvania	United States
Population	26,309	12,281,054	281,421,906
Median age	39.4	38	35.3
Median age for Male	36.3	36.5	34
Median age for Female	42.1	39.4	36.5
Households	10,727	4,777,003	105,480,101
Household population	25,310	11,847,753	273,643,273
Average household size	2.36	2.48	2.59
Families	6,722	3,208,388	71,787,347
Average family size	3.01	3.04	3.14
Housing units	11,709	5,249,750	115,904,641
Occupied units	10,727	4,777,003	105,480,101
Vacant units	982	472,747	10,424,540

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