Will the Home Buyer Tax Credit Be Back?

With July home sales down about 30 percent.  Many are asking if the government will intervene again to help the housing market.  United Press International reports Housing and Urban Development Secretary Shaun Donovan is not ruling out the possibility of bringing back the tax credit

Donovan said on CNN's State of the Union show yesterday that it is "too soon to say" whether the administration's $8,000 first-time homebuyer credit tax credit, which expired April 30, will be revived."All I can tell you is that we are watching very carefully," 

Donovan said. "We're going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers."

 The tax credit combined with the record low interest rates would make investing in the housing market more affordable than ever before.  It will be interesting to see what HUD decides to do.