Lost amid the excitement of the recent extension of the first-time buyer credit is the NEW $6500 tax credit for current homeowners who buy another house. This particular credit could be more important than anything else for the real estate market.
Homeowners who have wanted to move for the last 2 years but remained in their home due to the soft market will hopefully be motivated to make the move when the government is giving away $6500. The middle range of the market nationwide has been slow for some time. Homes above $400k tend to languish on the market because the pool of buyers has been low.
Hopefully now that will change.
Here's a great article from the Seattle Times that explains the credit in more detail.
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