$7500 tax credit for first time homebuyers through August 2009

$7500 !!!!  Well it's better than nothing. Myself and several colleagues were really hoping the new economic stimulus package would include the $15000 tax credit for any home buyer in 2009. Instead it looks like we'll get a $7500 credit for first time buyers who purchase a home by the end of August. It appears the House will vote to approve the package very soon and the Senate is likely to follow suit very soon. This is good, but 1st time buyers make up a very small part of the market. At any given time the percentage of 1st time home buyers is under 5. What about the other 95% who are on the fence about buying another home or upgrading to a larger home? Or of course the older buyers who are looking for something smaller and easier to maintain? These are the buyers whose money would significantly stimulate the economy. First time buyers are usually looking at homes that cost 1/2 to 1/3 the price that a repeat buyer is searching for. Here: I'll do the math...1000 buyers in Roanoke= 50 first timers spending about $125000 on a small ranch (probably a foreclosure!)= $6,250,000 spend on purcase price plus about 3% in closing fees= $187,500 and surely a lot of that would even stay in our local economy. Now how about the other 950 buyers who own a home worth $150,000 and want to upgrade. On average most upgrade by 50% so that would be 950 homes at $225,000= $213,750,000 in purchase price plus the associated costs of about $6,412,500. You get my point? let's at least open the smaller credit up to all buyers through August!