Late yesterday Congress passed a revised version of the economic stimulus package, which is expected to create jobs (up to 3.5 million of them) and get the economy chugging once again.
The $787 billion plan will be likely signed into law on Tuesday, Feb. 17 by President Barack Obama.
We passed along news earlier this week that the proposed $15,000 tax credit for homebuyers was stripped from the bill even though it has received Senate approval. In a compromise, the existing $7,500 tax credit for first-time homebuyers was increased to $8,000 and extended five months from from July 1 to Dec. 1, 2009.
In addition, and perhaps more important, homebuyers who take advantage of the program are not required to pay back the $8,000 credit unless they sell their homes within three years.
That’s a tantalizing incentive for a lot of folks eager to achieve the American Dream and cash-in while home prices across the board at all-time low levels. Now, they can shave an additional $8,000 of the sale price, which is already drastically reduced if you search for deals on Foreclosure.com.
But what about the people who are struggling to remain in their homes?
President Obama has indicated that he will now shift his focus on the foreclosure issue, as well as other preventative housing initiatives. He is expected to outline his mortgage and foreclosure relief plan later next week during a speech in Phoenix, Ariz., on Wednesday, Feb. 18.
Stay tuned.
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February 16, 2009 at 6:02 pm
cali help
California can do something about Homeowner Tax Credits. From latimes.com:
… Two Senate Republicans were expected to vote for the package — Dave Cogdill of Modesto, who played a role in negotiating the deal, and Roy Ashburn, a Bakersfield Republican in his final term. Among the concessions Ashburn won was a proposed $10,000 tax break for new home buyers.
This is ONLY for the purchase of NEWLY built homes — must be a principal residence bought on or after March 1 this year and before March 1 2010.
This is not enough! Obama’s plan for the nation is not enough for California! Call/EMail your Republican Senator, let them know that help is needed for falling Home Prices and Foreclosures!!!!
California Republican State Senators
Senator Dave Cogdill – District SD14
Capitol Office
State Capitol, Room 305 Sacramento, CA 95814 Phone: (916) 651-4014 Fax: (916) 327-3523
Senator.Cogdill@senate.ca.gov
Senator Sam Aanestad – District SD04
Capitol Office
State Capitol, Room 3063 Sacramento, CA 95814 Phone: (916) 651-4004 Fax: (916) 445-7750
Senator.Aanestad@senate.ca.gov
Senator Dave Cox – District SD01
Capitol Office
State Capitol, Room 2068 Sacramento, CA 95814 Phone: (916) 651-4001 Fax: (916) 324-2680
Senator.Cox@senate.ca.gov
Senator John Benoit – District SD37
Capitol Office
State Capitol, Room 4066 Sacramento, CA 95814 Phone: (916) 651-4037 Fax: (916) 327-2187
Senator.Benoit@senate.ca.gov
Senator Jeff Denham – District SD12
Capitol Office
State Capitol, Room 3076 Sacramento, CA 95814 Phone: (916) 651-4012 Fax: (916) 445-0773
Senator.Denham@senate.ca.gov
Senator Robert Dutton – District SD31
Capitol Office
State Capitol, Room 5094 Sacramento, CA 95814 Phone: (916) 651-4031 Fax: (916) 327-2272
Senator.Dutton@senate.ca.gov
Senator Tom Harman – District SD35
Capitol Office
State Capitol, Room 3070 Sacramento, CA 95814 Phone: (916) 651-4035 Fax: (916) 445-9263
Senator.Harman@senate.ca.gov
Senator Dennis Hollingsworth – District SD36
Capitol Office
State Capitol, Room 5064 Sacramento, CA 95814 Phone: (916) 651-4036 Fax: (916) 447-9008
Senator.Hollingsworth@senate.ca.gov
Senator Bob Huff – District SD29
Capitol Office
State Capitol, Room 3048 Sacramento, CA 95814 Phone: (916) 651-4029 Fax: (916) 324-0922
Senator.Huff@senate.ca.gov
Senator Abel Maldonado – District SD15
Capitol Office
State Capitol, Room 4082 Sacramento, CA 95814 Phone: (916) 651-4015 Fax: (916) 445-8081
Senator.Maldonado@senate.ca.gov
Senator George Runner – District SD17
Capitol Office
State Capitol, Room 5097 Sacramento, CA 95814 Phone: (916) 651-4017 Fax: (916) 445-4662
Senator.Runner@senate.ca.gov
Senator Tony Strickland – District SD19
Capitol Office
State Capitol, Room 4062 Sacramento, CA 95814 Phone: (916) 651-4019 Fax: (916) 324-7544
Senator.Strickland@senate.ca.gov
Senator Mimi Walters – District SD33
Capitol Office
State Capitol, Room 3082 Sacramento, CA 95814 Phone: (916) 651-4033 Fax: (916) 445-9754
Senator.Walters@senate.ca.gov
Senator Mark Wyland – District SD38
Capitol Office
State Capitol, Room 4048 Sacramento, CA 95814 Phone: (916) 651-4038 Fax: (916) 446-7382
Senator.Wyland@senate.ca.gov
Senator Roy Ashburn – District SD18
Capitol Office
State Capitol, Room 3060 Sacramento, CA 95814 Phone: (916) 651-4018 Fax: (916) 322-3304
Senator.Ashburn@senate.ca.gov
February 21, 2009 at 11:55 am
Eyjo
Great blog!
I will for sure stay tuned.