Comments on: Will the New $6,500 Tax Credit Spur Current Homeowners to “Move Up”? http://strangestories.info/tax-credit/will-the-new-6500-tax-credit-spur-current-homeowners-to-%e2%80%9cmove-up%e2%80%9d/ Latest Strange News Stories from All Over the Globe Tue, 15 Feb 2011 14:16:35 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: TellItLikeItIs http://strangestories.info/tax-credit/will-the-new-6500-tax-credit-spur-current-homeowners-to-%e2%80%9cmove-up%e2%80%9d/comment-page-1/#comment-1074 TellItLikeItIs Thu, 26 Nov 2009 15:46:03 +0000 http://strangestories.info/?p=1278#comment-1074 This will not make a difference to anyone, since the current guidelines for appraisals take the percentage of loss over the previous two years right off the top of a a real time sales based appraisal, and that is what the banks are using as abase for financing. My own home is worth less now than what it was worth in 2000!!! This will not make a difference to anyone, since the current guidelines for appraisals take the percentage of loss over the previous two years right off the top of a a real time sales based appraisal, and that is what the banks are using as abase for financing.

My own home is worth less now than what it was worth in 2000!!!

]]> By: Mitch Nickolds http://strangestories.info/tax-credit/will-the-new-6500-tax-credit-spur-current-homeowners-to-%e2%80%9cmove-up%e2%80%9d/comment-page-1/#comment-1073 Mitch Nickolds Thu, 26 Nov 2009 14:40:46 +0000 http://strangestories.info/?p=1278#comment-1073 As most current homeowners in the country are upside-down on their mortgages (per recent national studies) it is fairly unlikley that a $6,500 tax credit is enough to encourage them to sell their current home at a loss. And, it’s not enough for those of us with substantial equity to abandon our current homes for a new mortgage on a pricier home. My prediction: Banks and lenders will propably see less than a 5% increase in mortgage loan appplications from current homeowners and not every application will qualify. As most current homeowners in the country are upside-down on their mortgages (per recent national studies) it is fairly unlikley that a $6,500 tax credit is enough to encourage them to sell their current home at a loss. And, it’s not enough for those of us with substantial equity to abandon our current homes for a new mortgage on a pricier home.

My prediction: Banks and lenders will propably see less than a 5% increase in mortgage loan appplications from current homeowners and not every application will qualify.

]]> By: Mitch Nickolds http://strangestories.info/tax-credit/will-the-new-6500-tax-credit-spur-current-homeowners-to-%e2%80%9cmove-up%e2%80%9d/comment-page-1/#comment-1072 Mitch Nickolds Thu, 26 Nov 2009 14:39:12 +0000 http://strangestories.info/?p=1278#comment-1072 As most current homeowners in the country are upside- down on their mortgages (per recent nation studies)it is fairly unlikley that a $6,500 tax credit is enough to encourage them to sell their current at a loss. And, it’s not enough for those of us with substantial equity to abandon our current homes for a new mortgage on a pricier home. My prediction: Banks and lenders will propably see less than a 5% increase in mortgage loan appplications from current homeowners and not every application will qualify. As most current homeowners in the country are upside- down on their mortgages (per recent nation studies)it is fairly unlikley that a $6,500 tax credit is enough to encourage them to sell their current at a loss. And, it’s not enough for those of us with substantial equity to abandon our current homes for a new mortgage on a pricier home.

My prediction: Banks and lenders will propably see less than a 5% increase in mortgage loan appplications from current homeowners and not every application will qualify.

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