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Home New Tax Credit, Does it Really limit the $...

New Tax Credit, Does it Really limit the $6500 to move up buyers?

What really does the new tax credit do? Does it give $6500 only to "move up" buyers. I hope not because in my neighborhood and so many others in Lexington many of the retired residents are more eager to "move down" than move up. If congress really only gives money to "move up" buyers as suggested in this CNBC article then the congress in my opinion made a blunder in the wording of the bill.

Our retired home owners deserve the same economic stimulus as other sellers and buyers. There are so many people in my neighborhood who are in a difficult spot. To continue maintaining a home on their limited income is difficult. If they could sell and move down to a condo they could invest the equity difference and live in a condo that has little to no maintenance. Moving up is not a choice for many of my retired neighbors.

Hopefully we will receive clarification quickly and if the wording does imply the buyers have to move up there will be rational people who change the bill.
Posted Thursday Nov 05