No One Wants $6500

Que Pasa People?
The $6500 tax credit is very lonely. Just like an ugly high schooler at the dance or the kid with no skills at the playground, the tax credit is abandoned. Deserted and isolated, the poor tax credit is kicked to the curb.
The Fed added a tax credit last year (Trying to "piggy back" on the tax credit for first time buyers) to try to entice current homeowners to sell their home and buy a new one. This tax credit was put into place to try to bolster the housing market. It did not. Like the fugly 11th grader or the uncoordinated kid, the tax credit begins a life of on line Dungeons and Dragons (Or whatever nerds are playing now).
The reason no one wants the $6500 tax credit is that it has too much baggage (Just like your ex who blames you for something in their past but he/ she couldn't talk about. Or how he/ she threw loud fits in public. Or how they ...fill in the blank, aren't you glad you escaped?).
1/3 of the homes with loans in the U.S. of A. are upside down on their mortgage. They can not step up, only out (Clever?). A big slice of those people will be future foreclosures or short sales. If you remove 1/3 out of anything it will come down, except my cholesterol. Apparently, I have have an endless supply.
There is 10% unemployment in this great country of ours. Some of them will be in the same bunch as the upside down group, but some of them won't (So there). It ain't '05. You can't get a loan without a job (Even a gangster loan shark will need proof you can pay him back. Breaking your legs is fun, but he won't get his money).
$6500 isn't enough to make an American jump through the housing hoop. Don't get me wrong, I like $6500, but I wouldn't spend $40,000+ to get it. Say your house would sell at $325,000. Your closing costs (remember you pay the realtor commission as the seller) would be approx $26,000. Now lets say you bought a house for $325,000 (Why not just stay in the house you had?). You get an FHA loan with a 3.5% down payment, or $11,375. You're already at $37,375 and you haven't paid for appraisal or an inspection or you closing costs. also, your loan amount is higher than if you would have just stayed put. That's a kick in your Louisiana!
The Fed seems like it is trying to come up with programs to help the economy. They're just not that well thought out.
Click on the title and tell me how stupid I am.
God Bless.