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 Amarillo, TX

Latitude: 35.199252 -- Longitude: -101.845163

ZIP Codes for Amarillo, Texas	79101 79102 79103 79104 79105 79106 79107 79108 79109 79110 79111 79114 79116 79117 79118 79119 79120 79121 79123 79124 79159 79163 79166 79167 79168 79171 79172 79174 79178 79182 79185 79187 79189
Area Code for Amarillo, Texas	806
Time zone for Amarillo, Texas	CST

Other Area Cities: Canyon, TX Amarillo, TX

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Amarillo is a city in the U.S. state of Texas and the county seat of Potter County. A portion of the city extends into Randall County. As of the 2000 U.S. Census, the city had a total population of 173,627 (though a July 1, 2005 estimate placed the city's population at 183,021). The Amarillo metropolitan area, however, has an estimated population of 236,113 in four counties. The city once self-proclaimed as the "Helium Capital of the World" for having one of the country's most productive helium fields. The city is also known as "The Yellow Rose of Texas" and most recently "Rotor City, USA" for its V-22 Osprey hybrid aircraft assembly plant.[1] Amarillo operates one of the largest meat packing areas in the United States. Pantex, the only nuclear weapons assembly and disassembly facility in the country, is also a major employer. The attractions, Cadillac Ranch and Big Texan Steak Ranch, were located on old U.S. Route 66, which passes through the city. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Amarillo	Texas	United States
Population	173,627	20,851,820	281,421,906
Median age	33.5	32.3	35.3
Median age for Male	32.1	31.3	34
Median age for Female	34.8	33.4	36.5
Households	67,699	7,393,354	105,480,101
Household population	171,318	20,290,711	273,643,273
Average household size	2.53	2.74	2.59
Families	45,768	5,247,794	71,787,347
Average family size	3.1	3.28	3.14
Housing units	72,408	8,157,575	115,904,641
Occupied units	67,699	7,393,354	105,480,101
Vacant units	4,709	764,221	10,424,540

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November 20, 2008

Local Information for Amarillo, TX

Latitude: 35.199252 -- Longitude: -101.845163

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