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 Big Spring, TX

Latitude: 32.243198 -- Longitude: -101.475231

ZIP Codes for Big Spring, Texas	79720 79721
Area Code for Big Spring, Texas	432
Time zone for Big Spring, Texas	CST

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Big Spring is a city located in the U.S. state of Texas at the crossroads of U.S. Highway 87 and Interstate 20; its population of 25,233 (2000 Census) makes it the largest city between Midland to the west, Abilene to the east, Lubbock to the north, and San Angelo to the south. Big Spring was established as the county seat of Howard County in 1882 and is also the largest city in that county. The city got its name from the single, large spring that issued into a small gorge from between the base of Scenic Mountain and a neighboring hill, in the SW part of the city limits. The Spring, now dry, was of major importance to all life in the surrounding area. In the early 1840s, it was the center of a territorial dispute between Comanche and Pawnee tribes, and has been a major watering hole for wildlife and prehistoric man in this semi-arid area. (G. Brune, 'Springs of Texas', 1981). -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Big Spring	Texas	United States
Population	25,233	20,851,820	281,421,906
Median age	35.1	32.3	35.3
Median age for Male	34	31.3	34
Median age for Female	37.5	33.4	36.5
Households	8,155	7,393,354	105,480,101
Household population	20,447	20,290,711	273,643,273
Average household size	2.51	2.74	2.59
Families	5,463	5,247,794	71,787,347
Average family size	3.1	3.28	3.14
Housing units	9,865	8,157,575	115,904,641
Occupied units	8,155	7,393,354	105,480,101
Vacant units	1,710	764,221	10,424,540

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November 20, 2008

Local Information for Big Spring, TX

Latitude: 32.243198 -- Longitude: -101.475231

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